Florida voters will decide Tuesday, Nov. 3, whether to expand the homestead property-tax exemption, a measure state analysts say would reduce local revenue by $11.83 billion annually under quantified provisions.
Amendment 3 would raise the exemption on qualifying homes for taxes other than school-district levies to $150,000 on Jan. 1, 2027, and $250,000 on Jan. 1, 2028. The amount would be adjusted for positive inflation beginning in 2029; a separate $25,000 exemption for school-district taxes would remain.
People establishing Florida permanent residence on or after Jan. 1, 2027, would initially qualify for up to a $50,000 exemption on non-school taxes. That amount would be adjusted annually for positive inflation beginning in 2028, with the larger exemption available in their fifth year, subject to the measure’s terms. The proposal would also reduce the annual assessment-growth cap for non-homestead residential and nonresidential property from 10% to 5%, starting in 2027.
Florida’s Revenue Estimating Conference projects local revenue losses of $4.93 billion in fiscal 2027-28 and $8.71 billion in fiscal 2028-29 if voters approve the measure. Its $11.83 billion figure is the sixth-year recurring impact of the provisions analysts could quantify. The conference said the effect of future legislative action to increase the exemption further, as the process moves toward fully exempting homesteads, is unknown.
The direct exemption would benefit homeowners who qualify for homestead status; renters would not receive it. Miami-Dade County says renters could be affected indirectly if local governments cut services, add fees or rents change. Those are possible responses, not outcomes required by the amendment.
The measure would prescribe permitted uses for county and municipal property-tax revenue, including public safety, education and public schools, infrastructure, natural-resource projects, flood control, local bonds, employee retirement benefits and local-government operations. It does not rank those purposes. Florida Realtors’ campaign describes the proposal as “meaningful property tax relief.” NPR reported that Florida Rising organizer Steven Johnson challenged the affordability case, asking, “Affordability? For who?”
The amendment needs at least 60% voter approval and would take effect Jan. 1, 2027, if passed. Florida voters approved Amendment 5 in 2024, requiring an annual inflation adjustment to an additional homestead exemption for non-school taxes; it took effect Jan. 1, 2025.
