June 16, 2026
This November, Florida voters will decide one of the most significant property tax proposals in the state's history. Amendment 3, known as the "Save Our Homes from Excessive Property Taxes" amendment, would substantially expand Florida's homestead exemption while making other changes to how property taxes are assessed and used across the state.
If approved by at least 60% of voters, the amendment would take effect beginning January 1, 2027. While many homeowners could see meaningful tax savings, the proposal has also sparked debate over how local governments would replace billions of dollars in lost revenue.
WHAT EXACTLY IS ON THE BALLOT?
The proposed constitutional amendment includes several major changes to Florida's property tax system:
- Increase the Homestead Exemption for non-school taxes from the current $50,000 to $150,000 beginning in 2027.
- Increase the exemption again to $250,000 beginning in 2028, with future adjustments tied to inflation starting in 2029.
- Require anyone establishing Florida residency on or after January 1, 2027, to wait five years before qualifying for the expanded exemption. During that time, they would continue receiving only the current $50,000 exemption.
- Reduce the annual assessment cap for most non-homestead properties from 10% to 5% beginning in 2027.
- Limit how local governments may use property tax revenue by restricting funding to certain categories, including public safety, education, infrastructure, natural resources, debt obligations, employee retirement benefits, and government operations.
IMPACT AND DEBATE
Supporters argue that Florida homeowners need meaningful tax relief as rising home values, insurance costs, and the overall cost of living continue to increase. They believe expanding the Homestead Exemption will help residents keep more money in their pockets while slowing future property tax growth.
Opponents agree that property tax relief is important but question how cities, counties, and other local governments would replace billions of dollars in lost revenue. Property taxes fund many essential services, including police and fire departments, roads, parks, libraries, and other local government operations. Critics worry the amendment could ultimately lead to reduced services, delayed infrastructure projects, or the need for alternative taxes and fees.
The five-year waiting period for new Florida residents has also become a point of debate, with supporters saying it prioritizes long-time Floridians and opponents arguing it creates unequal treatment between existing and future homeowners.
HOW WILL THE MEASURE AFFECT CURRENT FLORIDA RESIDENTS WITH A HOMESTEAD EXEMPTION?
Current Florida homeowners who already receive the Homestead Exemption would likely benefit the most.
Beginning in 2027, qualifying homeowners would receive the larger exemption, reducing the taxable value of their primary residence for most local property taxes. The exemption would increase again in 2028 and continue to adjust for inflation beginning in 2029 if the amendment is approved.
While individual tax savings will vary depending on a home's assessed value and local millage rates, many homeowners could see a noticeable reduction in their annual property tax bill.
HOW WILL THE MEASURE AFFECT FUTURE FLORIDA RESIDENTS?
Those establishing Florida residency on or after January 1, 2027, would not immediately qualify for the expanded Homestead Exemption. Instead, they would receive only the current $50,000 exemption for their first five years as Florida residents before becoming eligible for the higher exemption.
For anyone planning to relocate to Florida after 2027, this waiting period could result in higher property taxes during those first five years compared to existing Florida homeowners.
HOW WILL THE MEASURE AFFECT SECOND HOME AND INVESTMENT PROPERTY OWNERS?
Owners of vacation homes, second homes, and investment properties would not qualify for the expanded Homestead Exemption since those properties are not eligible for Florida's homestead protections.
However, the amendment would reduce the annual cap on assessed value increases for most non-homestead properties from 10% to 5%. Over time, that could help slow increases in taxable value and property taxes for many second homes and investment properties.
THE BOTTOM LINE
Florida Amendment 3 would make sweeping changes to the state's property tax system, expanding Homestead Exemptions for existing homeowners while reducing the annual assessment cap on most non-homestead properties. It also introduces a five-year waiting period for new Florida residents seeking the larger exemption and limits how local governments may use property tax revenue.
Whether the amendment ultimately provides meaningful long-term tax relief or creates new challenges for local governments will be up to Florida voters to decide this November.
