Florida Realtors has committed $10 million to a campaign supporting Amendment 3, a proposed constitutional change that would reduce certain property taxes for homeowners and limit assessment increases on non-homestead properties. Supporters call it meaningful affordability relief, while opponents warn that cities and counties could lose billions and cut essential services.
Key takeaways
- Florida Realtors contributed $10 million to the Vote Yes on 3 committee.
- The amendment would expand the homestead exemption for non-school property taxes.
- Local governments could lose an estimated $5 billion in the first year and nearly $12 billion annually by 2031.
- Voters need to approve the measure with at least 60% support in November.
Realtors make a major investment
The Florida Realtors political committee made the contribution last week, campaign-finance records show. The group represents more than 238,000 real estate professionals and is the first major organization to make a sizable public investment in support of Amendment 3.
The Vote Yes on 3 campaign is led by Florida Realtors Chief Executive Officer Margy Grant, while Chief Operating Officer David Garrison serves as treasurer. The association says the campaign will explain how the amendment could help families manage the continuing costs of housing, insurance, utilities and other necessities.
“Affordability is on the forefront for every Floridian,” Florida Realtors President Chuck Bonfiglio Jr. said in a statement, arguing that keeping a home is as important as buying one.
What Amendment 3 would change
The measure would increase Florida’s homestead exemption for non-school property taxes from $50,000 to $150,000 in 2027 and $250,000 in 2028. Beginning in 2029, the exemption would be adjusted annually for inflation. School district property taxes would not be affected by the expanded exemption.
Amendment 3 would also reduce the annual assessment-increase cap for non-homestead property from 10% to 5%. The change would apply to rental properties, second homes and commercial real estate. Supporters say the lower cap would make costs more predictable for property owners, tenants and businesses.
The amendment would take effect Jan. 1, 2027, if approved by at least 60% of voters in the Nov. 3 general election.
Opponents warn of service cuts and shifted costs
The Vote No on 3 campaign says reducing homestead tax collections would force local governments to make difficult choices. State economists estimate cities and counties could lose about $5 billion in revenue during the first year and nearly $12 billion annually by 2031.
Opponents say the losses could affect public safety, parks, libraries, infrastructure and other local services. They also argue that counties and municipalities may increase taxes on rental, vacation, commercial and other non-homestead properties to offset the reduction, shifting costs to renters and businesses.
The opposition campaign, led by former Leon County Commissioner Bryan Desloge, has raised substantially less money than the Realtors-backed committee. Local-government groups, including special districts and public-safety organizations, have joined the effort against the amendment.
A closely watched November campaign
Polling cited by opponents found support near the 60% threshold when voters were told only about the tax reductions. Support fell below 50% when respondents were also informed about potential effects on local services.
Gov. Ron DeSantis and Republican legislative leaders have supported property-tax relief, although the Legislature modified the original proposal by excluding school-related property taxes from the expanded exemption. With the Realtors’ financial backing, both campaigns are expected to intensify their advertising and voter-education efforts before Election Day.
Sources
- Florida realtors funding ‘Vote Yes On 3’, WESH.
- Florida Realtors put $10 million into backing proposed property tax cut – Sun Sentinel, Sun Sentinel.
- Florida Realtors launches ‘Vote Yes on 3’ campaign for property tax amendment, Florida’s Voice.
- Realtors steer $10 million into campaign to pass property tax measure, Tallahassee Democrat.
- Florida Realtors launches Vote Yes on 3 campaign, | Florida Realtors.