TAMPA, Fla. - A sweeping property tax overhaul is coming to Florida after voters approved Amendment 3 by 62% on Tuesday night, clearing the required 60% threshold to reshape real estate assessments statewide.
Florida homestead exemption expansion
By the numbers:
Under prior rules, primary homeowners held a baseline $25,000 exemption across all property taxes and around $50,000 in non-school exemptions.
The $25,000 school-tax deduction stays intact under the amendment, but non-school homestead exemptions will expand in phases.
The non-school threshold jumps to $150,000 on Jan. 1, 2027.
On Jan. 1, 2028, the non-school exemption expands to $250,000 before shifting to automatic annual inflation adjustments beginning in 2029.
Commercial real estate protections
The backstory:
Starting Jan. 1, 2027, non-homestead properties will see annual assessment increase limits drop from 10% to 5%.
The lower cap applies to commercial sites, second homes and residential rental properties to shield businesses from abrupt market spikes.
The policy grants commercial landlords and business owners the same protection against sudden valuation jumps.
Municipal budget shortfall debate
The other side:
Supporters argued the amendment grants crucial relief to families wrestling with climbing home values and broader cost-of-living pressures.
Opponents, including city and county officials, warned the resulting revenue loss could reach billions of dollars over the next
Municipal leaders cautioned that the shortfall could force local governments to trim public services.
The Source: The information in this story was gathered from official election ballot results, from the Associated Press, as well as the Florida Department of State.