Florida voters approved a sweeping overhaul of the state’s property tax system on Tuesday night, backing a constitutional measure that significantly expands homestead exemptions and places firm restrictions on municipal tax spending.
With approximately 96% of ballots counted, Amendment 3 secured a commanding lead, receiving 4,863,797 votes, representing 62.0% of the total, against 2,980,524 votes, or 38.0%, in opposition. Florida’s constitution requires a 60% supermajority for any amendment to take effect.
The legislatively referred measure, formally titled the Homestead Tax Exemptions, Property Assessments, and Spending Restrictions Amendment, fundamentally alters how local governments assess property values and allocate real estate tax revenues.
Under the amendment, the homestead tax exemption for non-school district property taxes will increase to $150,000 in 2027, rising further to $250,000 in 2028. Beginning in 2029, the exemption amount will adjust annually in accordance with inflation. However, the full scope of tax relief will not apply immediately to all homeowners. New Florida residents will receive a reduced exemption until they establish at least five years of residency within the state.
The measure also addresses non-homestead properties, including commercial developments and residential rental buildings. It reduces the annual assessment growth cap on those properties from 10% to 5%, excluding assessments designated for school district taxes.
Beyond property tax relief, the amendment establishes clear legal boundaries governing how local governments distribute property tax revenues. Counties and municipalities must restrict their expenditures from these funds to defined categories, including public safety, education, infrastructure, natural resource projects, flood control, local bonds, employee retirement obligations, and general government administration.
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