A man in a suit walks past a South Florida luxury waterfront mansion, highlighting prime high-end real estate.

Prop 40 Wealth Tax Is a Nov. 3 Ballot Measure: SoFla Impact

California's Proposition 40 wealth tax goes to voters Nov. 3, 2026. Billionaires with California ties, including Larry Page and Mark Zuckerberg, have bought major homes in South Florida.

By Brian D'Antoni July 7, 2026 4 min read

California's Proposition 40, a one-time wealth tax on billionaires, is a pending ballot measure for the Nov. 3, 2026 general election and has not been voted on. Several billionaires with California ties have bought South Florida homes over the past year as the measure moved toward the ballot.

The California Wealth Tax Trigger

On June 25, 2026, California Secretary of State Shirley N. Weber certified Proposition 40 for the Nov. 3, 2026 general election ballot. The initiative, known as the 2026 Billionaire Tax Act and backed by the SEIU United Healthcare Workers West union, would levy a one-time 5 percent tax on billionaires. The Legislative Analyst's Office says 90 percent of the money would go to health care services, with the rest going to education, food assistance and administration of the tax.

The tax would apply to billionaires who were California residents on Jan. 1, 2026, and would be due in 2027, according to the Legislative Analyst's Office. Moving out of state after that date would not remove the obligation. The Real Deal reported in January 2026 that the proposal was drawing more billionaires to look at homes in South Florida.

The measure also faces opposition in Congress. In February 2026, U.S. Rep. Kevin Kiley introduced the Keep Jobs in California Act of 2026, which would bar any state from imposing a retroactive tax on the assets of people who no longer live there, according to his office.

The Math Behind the Proposed Tax

Some of the people who would be affected rank among the wealthiest in the world. Elon Musk became the world's first trillionaire in June 2026, and Google co-founder Larry Page ranked second, with a net worth estimated at about $295 billion by Forbes, CNBC reported.

Page has assembled three properties in Miami's Coconut Grove for about $188 million, The Real Deal reported. In December 2025, he bought two waterfront estates for a combined $173 million: the 4.5-acre Banyan Ridge compound at 3585 Anchorage Way for $101.5 million and a home on Munroe Drive for $71.9 million. In January 2026, he added a nearly $15 million house on Devon Road that abuts one of the properties.

Florida's tax climate offers an alternative. The state levies no personal income tax or estate tax and offers a homestead exemption on a primary residence. Under Proposition 40, real estate, pensions and retirement accounts generally would be excluded from the tax, according to the Legislative Analyst's Office.

South Florida Real Estate Absorbs West Coast Capital

Other technology executives have also bought in South Florida. Meta chief executive Mark Zuckerberg set a Miami-Dade County record in March 2026 by purchasing an under-construction waterfront mansion on Indian Creek Island for $170 million. Google co-founder Sergey Brin closed on a $51 million waterfront home on Allison Island in Miami Beach in March 2026, The Real Deal reported.

The movement extends beyond California. New York lawmakers approved a tax on New York City second homes valued at $1 million or more as part of the state budget in late May 2026, CNBC reported. Miami Realtors said driver's license exchanges in South Florida during the first half of 2026 rose 16 percent year over year from California and 9 percent from New York.

Developers Expand Luxury Footprints

Developers continue to add luxury product. Kolter broke ground in March 2026 on 3300 Gulf Shore, a 51-unit bayfront condominium project in Naples. In July 2026, Kolter and BH Group expanded a Miami Beach assemblage where they plan a 37-unit condominium designed by Kobi Karp, Commercial Observer reported.

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Key Facts for Owners and Search

What is California's Proposition 40?

A ballot initiative certified June 25, 2026 for the Nov. 3, 2026 California ballot. It would impose a one-time 5 percent tax on billionaires who were California residents on Jan. 1, 2026, due in 2027, according to the Legislative Analyst's Office. Ninety percent of the money would go to health care. It is a proposal, not enacted law.

How does Florida's tax climate compare?

Florida levies no personal income tax or estate tax and offers a homestead exemption for primary residences. Under Proposition 40, real estate, pensions and retirement accounts generally would be excluded from the tax, according to the Legislative Analyst's Office. How any final rules apply to a specific person depends on individual facts.

Which billionaires have bought in South Florida?

Larry Page assembled three Coconut Grove properties for about $188 million in December 2025 and January 2026. Mark Zuckerberg paid a county record $170 million for an Indian Creek Island mansion in March 2026, and Sergey Brin closed on a $51 million Allison Island home in Miami Beach that same month.

What migration data is available?

Miami Realtors said driver's license exchanges in South Florida in the first half of 2026 rose 16 percent year over year from California and 9 percent from New York. New York lawmakers also approved a New York City tax on second homes worth $1 million or more in late May 2026, CNBC reported.

What should owners and advisers check?

Whether the measure passes in November and how any final rules apply. Rep. Kevin Kiley has introduced a federal bill that would bar states from retroactive taxes on former residents. Tax and residency questions depend on individual facts, so consult a qualified tax adviser rather than relying on a news summary.

Filed Under Local Development South Florida Wealth Migration Luxury Real Estate Proposition 40