Florida Realtors has launched a $10 million campaign urging Floridians to approve Amendment 3, a proposed constitutional change that would significantly reduce certain property taxes. Supporters call it overdue relief for homeowners, while local officials warn that the measure could leave cities, counties and special districts with billions less for public services.
Key takeaways
- Florida Realtors contributed $10 million to the Vote Yes on 3 political committee.
- The amendment would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028.
- The annual assessment increase cap for non-homestead properties would fall from 10% to 5%.
- Local governments could face nearly $5 billion in lost revenue initially, with larger recurring impacts later.
- Amendment 3 needs at least 60% approval on the Nov. 3 general election ballot.
What Amendment 3 would change
The proposal would expand Florida’s homestead exemption for the portion of property taxes that does not fund public schools. The exemption would rise from the current $50,000 level to $150,000 in 2027, then to $250,000 in 2028. Beginning in 2029, the amount would be adjusted annually for inflation.
The school-tax portion of a homeowner’s bill would not be affected by the larger exemption. The amendment would also reduce the annual cap on assessment increases for non-homestead properties—including rental homes, second residences and commercial buildings—from 10% to 5%.
New Florida residents would not immediately receive the full expanded exemption. Under the proposal, those who are not residents by Dec. 31, 2026, would generally become eligible after five years of receiving a homestead exemption, subject to federal requirements.
Realtors frame measure as affordability relief
Florida Realtors President Chuck Bonfiglio Jr. said the campaign is intended to help families manage rising housing, insurance, grocery and utility costs. The organization argues that purchasing a home is only part of the challenge; keeping up with taxes and other expenses is also becoming increasingly difficult.
The group says lower assessment increases for rental and commercial properties could provide greater predictability for owners and potentially benefit renters and businesses. Its $10 million contribution makes the Realtors-backed committee the most prominent financial force supporting the amendment so far.
Local governments warn of service cuts
Opponents say the tax savings would come at the expense of fire protection, libraries, parks, infrastructure and other local services. A state analysis cited by public broadcasters projects nearly $5 billion in local revenue losses in the first year, approaching $9 billion the following year and eventually reaching an annual impact of almost $12 billion.
Clearwater officials have modeled a 5% budget reduction that could mean fewer firefighters, reduced overtime and fewer available emergency vehicles. The city manager has also warned that more than 130 positions could be eliminated and that libraries or recreation centers might close.
In Miami-Dade County, officials project a first-year revenue loss of roughly $385 million. Key Biscayne estimates its own shortfall could exceed $1 million in the first year and reach more than $2 million annually within several years.
A high-stakes November vote
Supporters describe Amendment 3 as a way for Floridians to retain more of their income, while opponents argue that local governments would have to increase fees, raise other taxes or reduce essential services to balance their budgets. Because the measure would amend the state Constitution, it must receive approval from at least 60% of voters.
If approved, the changes would take effect Jan. 1, 2027, making the amendment one of the most consequential fiscal decisions on Florida’s November ballot.
- Florida Realtors launch campaign urging voters to support Amendment 3 property tax changes, WKMG.
- Amendment 3 could cut property taxes, reshape local services, WUSF.
- Ballot measure would slash Florida property taxes and batter local budgets, The Washington Post.
- Realtors Back Property Tax Cut Measure, Florida Trend.
- Realtors give $10M to Amendment 3 as KB tallies tax risk | Florida, IslanderNews.com.