Hillsborough County commissioners reviewed a new internal report Wednesday warning that a proposed statewide property tax reform amendment could cost the county an estimated $367 million in annual revenue — a shortfall that county administrators say could rival the lasting financial damage of the 2008 Great Recession.

Florida lawmakers recently approved placing the property tax reform amendment on the November ballot. The proposal would eventually raise the homestead property tax exemption to $250,000, cap annual assessments on non-homestead properties at 5%, and restrict how local governments can spend property tax revenue.

The County Administrator’s report warns that the revenue loss could force Hillsborough leaders to consider layoffs, wage freezes, fee increases, and cuts to programs and services.

Democratic Commissioner Harry Cohen called the findings deeply concerning, warning the impact would reach well beyond discretionary spending. He said services including libraries, children’s programs, aging services, and pet resources could face elimination — and that even those cuts would not be enough to shield public safety from eventual consequences.

Republican Commissioner Joshua Wostal pushed back, urging residents to take the report with skepticism. He argued county leaders are overstating the potential effects and said public safety would never be compromised. Florida Chief Financial Officer Blaise Ingoglia echoed that sentiment, contending that local governments will not curb their growth and spending unless compelled to do so by taxpayers.

Florida voters will have the final say on the amendment in November, where it must earn at least 60% approval to take effect.

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