Florida Amendment 3 Passed! What Homeowners Need to Know
Good news for many Florida homeowners!
On November 3, 2026, Florida voters approved Amendment 3. This new law could help many homeowners save money on their property taxes.
But what does it really mean for you? Let's break it down into simple terms.
1. What Is a Homestead Exemption?
A homestead exemption is a tax break for people who own a home and live in it as their main residence.
It means the government does not charge certain property taxes on part of your home's value.
The larger the exemption, the less of your home's value may be taxed.
2. What Is Changing?
Before Amendment 3, most qualified homeowners could receive up to a $50,000 homestead exemption.
The new amendment increases that exemption for property taxes other than school taxes.
2027: Up to $150,000 of your home's assessed value is exempt.
2028: The exemption increases to $250,000.
2029 and beyond: The exemption can increase with inflation.
This could mean smaller property tax bills for many Florida homeowners!
3. Does This Mean No More Property Taxes?
No. Homeowners will still pay some property taxes.
The larger exemption does not apply to school property taxes. Other charges may also remain on your tax bill.
How much you save depends on your home's assessed value, where you live, and your local tax rates.
4. What If You're New to Florida?
This part is important!
People who were not permanent Florida residents by December 31, 2026, generally must wait until their fifth year of qualifying for a homestead exemption to receive the larger amount.
Until then, they can receive the existing exemption if they qualify.
5. What About Rental Properties and Second Homes?
The larger homestead exemption is only for qualifying primary residences.
However, Amendment 3 also helps owners of certain other properties.
It lowers the annual limit on increases in assessed value from 10% to 5% for qualifying non-homestead properties, including some rental homes and second homes.
That does not guarantee their tax bills will go down, but it can help limit increases in assessed property values.
6. Why Does This Matter?
Owning a home is a big investment, and property taxes are an important part of the cost.
For many Florida homeowners, Amendment 3 could mean paying less in property taxes and having more money available for everyday needs.
Local governments may also have less tax money available to pay for certain community services.
The Bottom Line
Florida homeowners could see meaningful property tax savings beginning in 2027.
Remember, every home is different. Your county property appraiser and tax collector can help you understand how these changes may affect your property.
As a local Orlando REALTOR®, I believe understanding the cost of homeownership is just as important as finding the right home.
Tammi Pipkin, REALTOR®
Florida Realty Investments
407-435-4387
www.TammiPipkin.com
This article is for general information and is not tax or legal advice.