Florida voters are weighing Amendment 3, a proposed constitutional change that would expand property-tax exemptions for many homeowners and limit assessment increases on some other properties. Supporters say it could ease housing costs; critics warn that local governments may lose money for public services, water resources and infrastructure. The debate also reaches renters and the state’s housing market.
Key takeaways
- The proposal would raise the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028.
- It needs 60% voter approval; if passed, it would take effect Jan. 1, 2027.
- Homeowners could save, but renters would not receive a direct tax break, and local governments could face revenue gaps.
- Florida Realtors has contributed about $19.5 million to the campaign supporting the measure.
What the amendment would change
Florida homeowners who qualify for a homestead exemption can currently exclude up to about $51,000 of assessed value from certain property taxes. Amendment 3 would expand that amount in stages, with inflation adjustments beginning in 2029. School property taxes would not be covered by the expanded exemption, and the measure would not eliminate all property taxes or service assessments.
The proposal also would lower the annual cap on assessed-value increases for non-homestead properties, including rentals and second homes, from 10% to 5% for non-school taxes. That limits assessed-value growth, not tax bills themselves; tax rates could still change.
Homeowner savings—and questions about the market
Florida Realtors argues that lower taxes could help residents remain in their homes as ownership costs rise. Its CEO, Margy Grant, has estimated average statewide savings of more than $1,000 in 2027 and more than $2,500 in 2028. Actual savings would vary with assessed value, location and tax rates. A Sarasota Magazine example estimated about $1,745 in annual savings by 2028 for a qualifying homeowner under specific assumptions.
Real-estate professionals differ on whether the break would meaningfully affect buying decisions or home prices. Some say reduced carrying costs could encourage buyers or investors; others expect jobs, family needs and other factors to remain more influential. Lower costs might also make owners less likely to sell, potentially affecting housing supply.
Renters and local budgets
Renters would not qualify for the expanded homestead exemption, and landlords would not have to pass any savings on. If local governments raise property-tax rates or fees to make up lost revenue, tenants and businesses could face higher costs. They could instead reduce spending or adjust services, depending on local budget choices.
Property taxes help pay for public safety, roads, parks, libraries, emergency response and environmental work. Revenue projections cited by Sarasota Magazine estimate that Sarasota County’s annual losses could reach $94.4 million in 2028–29, and Manatee County’s $127.6 million. Opponents also point to water-management districts’ reliance on property taxes for flood control, water supplies and conservation.
Campaign spending and the decision ahead
Florida Realtors has put roughly $19.5 million behind the “Vote Yes on 3” campaign, which had raised more than $21.5 million by Oct. 9, according to campaign-finance figures reported by Sarasota Magazine. Supporters describe the measure as immediate homeowner relief. The “No on 3” campaign calls it a shift in costs, arguing that lost local revenue could reappear through fees, other taxes or reduced services.
If voters approve the amendment, local governments will still have to decide how to manage the shortfall. The size of homeowner savings—and the effects on rents, services and neighborhood amenities—would depend on those choices and on how property values and tax rates change.
- Florida Realtors Association expresses support for Amendment 3, the property tax exemption, CBS News.
- What Amendment 3 Could Mean for Sarasota and Manatee Real Estate, Sarasota Magazine.
- What’s at Stake for Florida’s Housing Market and Water Resources Under Amendment 3, Central Florida Public Media.
