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Florida Voters Approved Major Property-Tax Changes. Here's What Matters.

On November 3, Florida voters approved Amendment 3 with about 62% support, according to unofficial election-night results. The changes begin in 2027—and they affect primary homeowners differently from owners of second homes and investment properties.

Primary residences: The homestead exemption for non-school property taxes increases to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. School property taxes are not covered by the expanded exemption.

Second homes, rentals and other non-homestead properties: The annual cap on increases in assessed value for non-school property taxes drops from 10% to 5%. That is a cap on assessment growth—not a guaranteed 5% cap on tax bills.

New Florida residents: Those who were not Florida residents by December 31, 2026 generally face a five-year eligibility wait for the expanded homestead benefit.

The important distinction: An exemption reduces the taxable assessed value, not your tax bill dollar for dollar. Savings will depend on your property's assessment and local tax rates. The reduction in local-government revenue may also affect future budgets and tax decisions.

Read the Official Amendment 3 Text →

Sources: Florida Department of State election results and amendment text. Results unofficial as of November 4, 2026. General information, not tax advice.