Florida Amendment 3: What Property Owners Should Know
Florida voters will decide on Amendment 3 during the November 3, 2026 election. If approved, the proposal could lower certain property taxes for many Florida homeowners beginning in 2027.
Here is what the amendment would change and what it could mean for homeowners in Southwest Florida.
What Would Amendment 3 Change?
If approved by at least 60% of voters, Amendment 3 would increase the homestead exemption for non-school property taxes to:
- $150,000 in 2027
- $250,000 in 2028
Beginning in 2029, the $250,000 exemption would be adjusted for inflation.
A homestead exemption reduces the portion of a primary residence’s assessed value that is subject to property taxes. For example, if a home has an assessed value of $300,000 and qualifies for a $250,000 exemption, only the remaining eligible value would be subject to applicable non-school property taxes.
However, that does not mean the owner would pay property taxes on only $50,000 for every part of the bill. The larger exemption would apply to non-school property taxes, such as eligible county and municipal taxes. School-district taxes would still be calculated separately under the existing rules.
If approved, the amendment would take effect January 1, 2027.
What Would Change for Non-Homestead Properties?
Amendment 3 would also reduce the annual assessment increase cap on non-homestead properties from 10% to 5% for non-school property taxes.
Non-homestead property can include second homes, investment properties and commercial real estate. The assessment cap limits how much a property’s assessed value can increase from one year to the next, even if its market value rises by more.
This does not mean the total property-tax bill could increase by no more than 5%. This cap does not cover school-district taxes, and changes in local tax rates could also affect the final bill. Properties are also generally reassessed at market value after a change in ownership.
The proposed reduction from 10% to 5% is confirmed in the official Florida Division of Elections summary.
How Much Could Homeowners Save?
No single savings amount would apply to every homeowner. The actual reduction would depend on several factors, including:
- The property’s assessed value
- Its existing exemptions
- Local county and municipal tax rates
- Other taxing authorities included on the bill
Homes with an assessed value below the new exemption amount could potentially have little or no taxable value for certain non-school taxes. However, homeowners could still owe school taxes and other charges appearing on their annual tax bills.
Who Could Benefit?
The expanded exemption would primarily benefit Florida residents who own and occupy their home as their permanent residence and qualify for the homestead exemption.
Owners who are not permanent Florida residents by December 31, 2026 would generally receive the existing homestead exemption after qualifying. They would begin receiving the expanded exemption in their fifth year of exemption, to the extent permitted by the U.S. Constitution.
This provision could be especially important for buyers planning to move to Southwest Florida in the future. Someone relocating after the deadline may not immediately receive the same expanded exemption as an established Florida resident.
Why Is the Amendment Being Debated?
Supporters believe the proposal could provide meaningful relief as Florida homeowners face higher insurance, maintenance, and other ownership expenses.
At the same time, the proposal would significantly reduce the property-tax revenue collected by local governments. A Florida House analysis estimates a statewide reduction in local non-school property-tax revenue of approximately $4.95 billion in fiscal year 2027–28 and $8.78 billion in 2028–29.
That creates questions about how counties and municipalities may adjust their budgets, tax rates, or services if the amendment passes.
Amendment 3 remains a proposal until Florida voters decide in November. Homeowners should review their homestead status and property-tax records, but no changes are required at this time.
constitutionalinitiatives.dos.fl.gov
If you are considering buying or selling in Southwest Florida, contact us for a personalized look at how property taxes could affect your plans.
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