Florida Property Taxes Could Be Changing
Here’s What Amendment 3 Would Actually Do
If you own property in Florida, Amendment 3 is one item on the November ballot worth understanding. Florida Realtors recently launched its Vote Yes on 3 campaign, officially backing the proposed constitutional amendment. The organization says the measure could provide property tax relief and help address the ongoing cost of homeownership.
Here’s what you need to know about what is being proposed, what could change, and what both sides are saying.
The Homestead Exemption Would Jump to $250,000
One of the biggest proposed changes involves Florida’s homestead exemption.
If Amendment 3 passes, the exemption for non-school property taxes would:
- Increase to $150,000 in 2027
- Increase again to $250,000 in 2028
- Begin adjusting annually for inflation in 2029
Importantly, the expanded exemption would not apply to school property taxes, so the amendment would not reduce school tax revenue through this exemption.
For eligible homeowners, the change would mean a larger portion of a primary residence’s assessed value could be exempt from certain property taxes.
The caveat: this does not mean every homeowner would save the same amount. Actual savings would depend on factors including assessed value and local tax rates.
Investment and Second Homes Would See a Change, Too
Amendment 3 is not only about homesteaded primary residences. Currently, the assessed value of non-homestead properties can increase by up to 10% annually. The amendment would lower that cap to 5%.
That category includes:
- Rental properties
- Second homes
- Commercial real estate
Florida Realtors argue that a lower cap could make property tax increases more predictable for owners and potentially provide greater stability for the tenants and businesses occupying those properties.
New Florida Residents Would Have to Wait
There is another detail that is particularly relevant in a state where we talk so much about relocation: people who are not Florida residents on December 31, 2026 would not immediately qualify for the expanded exemption after moving here.
New residents who qualify for homestead would initially receive the existing exemption and become eligible for the expanded exemption beginning with their fifth year, subject to federal constitutional requirements.
So, if Amendment 3 passes, the rules could look different depending on how long you’ve called Florida home.
Why Florida Realtors Is Supporting Amendment 3
Florida Realtors’ Board of Directors voted to support Amendment 3 in August, focusing largely on housing affordability. Florida Realtors says the cost of homeownership does not stop at the closing table and that property tax relief could make it easier for Floridians to remain in homes they already own.
But there is another side homeowners should understand.
The Big Question: What Happens to Local Revenue?
Critics of Amendment 3 are focused on the revenue that cities and counties could lose. A state economic analysis cited in recent reporting projects that local governments could see nearly $5 billion less in non-school property tax revenue in fiscal year 2027-28, with the estimated reduction growing in subsequent years.
Local-government officials and groups representing sheriffs, police and firefighters have raised concerns that reduced revenue could put pressure on services and budgets. Supporters counter that the amendment would provide meaningful relief to property owners and that local governments should adapt their spending accordingly.
That tension between homeowner tax relief and local-government revenue is really at the heart of the debate.
Florida Voters Will Make the Final Call
Amendment 3 will appear on Florida’s November 3, 2026 general election ballot. Because it is a constitutional amendment, it needs at least 60% voter approval to pass. If approved, the measure would take effect January 1, 2027, with the first increase in the homestead exemption beginning that year.
There is a lot packed into this proposal, so whether you own your primary home, an investment property, or are considering a future move to Florida, it is worth looking at all parts of it so you understand exactly what is on the ballot before making your own decision.