There's a lot of discussion about Florida's proposed Amendment 3, so here's a simple breakdown of what it would do if approved.
For homeowners: The current homestead exemption allows eligible homeowners to deduct up to $50,000 from the assessed value of their primary residence. Amendment 3 would increase that exemption to $150,000 in 2027 and $250,000 in 2028, potentially reducing property taxes for qualifying homeowners.
For new Florida residents: People who move to Florida after December 31, 2026 may face a smaller homestead exemption until they've lived in the state for five years — though the ballot language is unclear on whether this applies to residents or homeowners specifically.
For renters: Amendment 3 doesn't provide a direct tax exemption for renters. Landlords could still face property-tax increases as values rise, which could indirectly affect rental costs.
For local government spending: The amendment includes provisions on how county and municipal tax dollars can be spent, including public safety, infrastructure, and employee retirement obligations — though the practical impact is still somewhat unclear.
For rental, commercial, and second homes: The proposal would reduce the annual assessment increase cap from 10% to 5% for these property types, which could limit how quickly taxable values — and therefore taxes — can rise.
Bottom line: Amendment 3 would make significant changes to Florida's property-tax system, particularly for homesteaded homeowners, while also adjusting assessment caps and local spending rules. As with any ballot measure, it's worth reading the full amendment language before deciding how to vote.
Contact Team Kafka if you have questions about how property tax changes could affect your home's value or your next move.