Monroe homeowners could get a sales-tax-funded property tax break

The proposed law would exempt part of a qualifying home's assessed value from City of Monroe property taxes. It would cover a resident's homestead property in the Walton County special district. Only the part of the property within the district would qualify; the remaining value would still be taxed. The exemption amount would be set each year based on net proceeds from a new 1 percent local sales and use tax in the special district. A homeowner or agent would generally need to apply. Someone already receiving a Monroe homestead exemption for the prior tax year could qualify without applying again if still eligible. Once granted, the exemption would renew each year while the homeowner lives in the home and remains eligible. The homeowner must tell the tax official if they become ineligible. If approved by voters and passed by the required two-thirds vote in both legislative chambers, the exemption would apply to tax years from January 1, 2027, through December 31, 2039.

The proposed law would require an election superintendent to hold a vote on the measure. Only Monroe voters who live in the Walton County special district would vote on the measure. More than half of the votes cast must favor approval, and the measure must also receive a two-thirds vote in both legislative chambers. If voters reject the measure or the election is not held as required, the exemption would not take effect and the measure would be repealed 365 days after the scheduled election date. The proposed election date is the Tuesday after the first Monday in November 2026.