Florida voters approve Amendment 3

Florida voters approved Amendment 3, a Florida Realtors®-backed measure that expands the homestead exemption and lowers the annual cap on assessment increases for non-homestead properties beginning Jan. 1, 2027.

“Florida voters chose meaningful property-tax relief this election. We’re proud to have stood with homeowners in support of Amendment 3 and look forward to continuing our work to make Florida more affordable to buy, own and keep a home,” said Chuck Bonfiglio Jr., 2026 president of Florida Realtors.

The amendment raises the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029. It also reduces the annual assessment increase cap from 10% to 5% for non-school taxes on properties such as rentals, second homes and commercial real estate.

The expanded exemption applies to qualifying homeowners who establish Florida residency by Dec. 31, 2026. Those who become residents afterward receive the existing exemption upon qualifying, with the larger benefit beginning in their fifth year of homestead exemption, subject to federal constitutional requirements.

School tax exemptions, Save Our Homes protections and portability remain unchanged.

The Florida Legislature and local governments will address implementation details, including any necessary legislative changes, administrative adjustments and guidance to carry out the amendment effectively and consistently statewide.

© 2026 Florida Realtors®