Florida voters have approved Amendment 3, a sweeping constitutional amendment that will change the state's property tax system by increasing the homestead exemption, reducing assessment increases on non-homestead properties and restricting how counties and municipalities can use property tax revenue.
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Florida voters approve Amendment 3, increasing homestead exemption>> FULL ELECTION RESULTS | Latest Election News
With 99% of precincts reporting at 10:13 p.m., 62% voted Yes while 38% voted No.
Amendment 3 required support from at least 60% of voters to become part of the Florida Constitution.
Under the amendment, the homestead exemption for property taxes other than school district taxes will increase to $150,000 in 2027 and $250,000 in 2028. Beginning in 2029, the exemption will be adjusted for inflation.
The amendment also establishes different rules for newer Florida residents. New residents will
receive a smaller exemption until they have lived in the state for five years.
Amendment 3 also changes how quickly the assessed value of non-homestead properties, including rental and commercial properties, can rise. The annual assessment cap will decrease from 10% to 5%, except for school district taxes.
Another provision restricts how counties and municipalities can spend property tax revenue, directing that revenue toward specified purposes including public safety, education, infrastructure, natural resource and flood-control projects, local bonds, employee retirement benefits and government operations.
The proposal was placed on the ballot by the Florida Legislature during a special session in June.
The changes will take effect Jan. 1, 2027.
