Florida Voters Approve Property Tax Overhaul

Amendment 3 raises homestead exemptions for permanent residents and lowers the cap on non-homestead assessment increases.

Updated on Nov. 4, 2026 in Taxes

Bold flat-color editorial illustration of identical house forms of varying heights on a sandy coastal plot, conveying a shift in property-tax burden. — Florida voters approved Amendment 3 on Tuesday, raising homestead exemptions for permanent residents and capping non-homestead assessment increases at 5 per cent. AI Illustration. Upload story photo >

Live Poll

Do you support cutting property taxes on Florida homesteads even if local services suffer?

Florida voters approved Amendment 3 on Tuesday, clearing the 60 per cent threshold about 40 minutes after polls closed. The constitutional amendment raises the homestead exemption for permanent residents and reduces the annual cap on assessed value increases for non-homestead properties from 10 per cent to 5 per cent.

Why it matters

The changes shift property-tax burdens toward second homes, vacation properties and rentals, while Florida state economists project significant reductions in local property-tax revenue. Supporters, including Gov. Ron DeSantis, argue tax relief should primarily benefit Florida residents.

Florida state economists project a US$4.9 billion local property-tax revenue reduction in the 2027-28 fiscal year, growing to an eventual recurring annual loss of about US$11.8 billion. The projections do not yet specify how local governments will offset the lost revenue.

The players

Ron DeSantis

Governor of Florida who backed Amendment 3 and has argued that tax relief should primarily benefit Florida residents.

Florida Realtors

Statewide trade association for real estate professionals that supported Amendment 3.

The details

Amendment 3 raises the homestead exemption for permanent Florida residents to US$150,000 in 2027 and US$250,000 in 2028 for property taxes unrelated to school funding. The amendment takes effect January 1, 2027, and generally does not extend the homestead exemption to Canadian snowbirds who use Florida properties as vacation homes.

Tuesday, November 3, 2026: Florida voters approve Amendment 3.
January 1, 2027: Proposed property tax changes take effect.
2027: Homestead exemption rises to US$150,000 for permanent residents.
2028: Homestead exemption rises to US$250,000 for non-school property taxes.

Market Dynamics

Amendment 3 extends Florida's long-running use of homestead exemptions and assessment caps to limit property taxes, but shifts the burden toward second homes and rentals. The approach follows a pattern of state-level property-tax relief that could expand further if lawmakers pursue elimination of taxes on primary residences.

Owners of second homes, vacation properties and rental units in Florida may see smaller assessment-cap protection after January 1, 2027, since the non-homestead cap drops from 10 to 5 per cent. Canadian snowbirds who use Florida properties as vacation homes generally will not qualify for the homestead exemption.

The takeaway

Non-resident owners of Florida property should review how the lower non-homestead cap and the homestead rules will apply to their holdings before the January 1, 2027 effective date. Planning ahead can help avoid unexpected changes to annual property-tax bills.