Short answer: Florida voters approved Amendment 3 with about 62% of the vote, above the 60% needed. Beginning in 2027, eligible homeowners will see the homestead exemption on non-school property taxes rise from $50,000 to $150,000, then to $250,000 in 2028, with inflation adjustments starting in 2029. The annual assessment cap on non-homestead property such as rentals and second homes drops from 10% to 5%. School taxes, Save Our Homes and portability are unchanged. The details will be finalized in a special legislative session Governor Ron DeSantis plans to call before he leaves office in January.
Key Takeaways for Florida Homeowners
- Bigger exemption: The non-school homestead exemption rises to $150,000 in 2027 and $250,000 in 2028.
- Residency deadline: The larger exemption applies to qualifying homeowners who establish Florida residency by December 31, 2026.
- Newer residents wait: People who become Florida residents after that date get the existing exemption when they qualify, and the larger benefit begins in their fifth year of homestead exemption, subject to federal constitutional requirements.
- Lower cap for non-homestead property: The annual assessment increase cap falls from 10% to 5% for non-school taxes on rentals, second homes and commercial real estate.
- Unchanged: School tax exemptions, Save Our Homes protections and portability stay as they are.
- Still in motion: A special session is expected to set the implementation schedule and address how local governments may respond.
What Is Florida Amendment 3?
Amendment 3 is a constitutional amendment on the November 3, 2026 ballot, formally titled “Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments.” The Florida Legislature placed it on the ballot during a 2026 special session. As a constitutional amendment it needed 60% voter approval, and it received roughly 62%.
The measure was backed by Florida Realtors, which said it stands with homeowners in support of making Florida more affordable to buy, own and keep a home.
How Much Will the Homestead Exemption Increase?
A homestead is your primary residence that qualifies for Florida’s homestead exemption. Before Amendment 3, the basic exemption reduced taxable value by $50,000. The new schedule applies to non-school property taxes only:
| Year | Homestead Exemption (Non-School Taxes) |
|---|---|
| Before Amendment 3 | $50,000 |
| 2027 | Up to $150,000 |
| 2028 | Up to $250,000 |
| 2029 and beyond | $250,000, adjusted annually for inflation |
Does Amendment 3 Change Save Our Homes?
No. The Save Our Homes cap, which generally limits annual increases in a homestead’s assessed value to 3% or the change in the Consumer Price Index, whichever is lower, remains in place. So does portability, which lets homeowners transfer up to $500,000 of accumulated Save Our Homes savings to a new Florida homestead.
This matters because the exemption applies to your assessed value, not your market value. Long-time owners whose assessed value has been held down for years may already have a taxable value well below what their home would sell for, so the exemption can offset a large share of their non-school taxable value. Your exact savings depend on your assessed value, your local millage rates and how your county implements the changes.
What Happens to Rentals, Second Homes and Commercial Property?
These properties do not qualify for the homestead exemption. Instead, beginning in 2027, the annual cap on assessment increases for non-school taxes drops from 10% to 5%. Investors and second-home owners should expect slower growth in taxable value, which can moderate future tax increases but does not reduce the current bill by itself.
Who Qualifies for the Larger Exemption?
The larger exemption applies to qualifying homeowners who establish Florida residency by December 31, 2026. Local reporting in Palm Beach County indicates that homeowners who already hold a homestead exemption are expected to see the increase applied automatically, while those who have not yet filed should do so. Confirm the process with your county property appraiser, because implementation details are still being finalized.
People who become Florida residents after December 31, 2026 receive the existing exemption once they qualify. The larger benefit begins in their fifth year of homestead exemption, subject to federal constitutional requirements. This is especially relevant for out-of-state buyers planning a move to South Florida.
What Happens Next? The Special Session
Governor Ron DeSantis said he will convene a special legislative session within the next two months, before his second term ends in early January, to implement the amendment. He said the goal is to set the schedule for the additional homestead exemption and to limit local governments from working around the amendment by taxing residents in other ways.
The Legislature carved school districts out of the larger exemption when it placed the measure on the ballot. DeSantis suggested lawmakers may revisit the Florida Education Finance Program, the state’s K-12 funding formula, next year, with the aim of keeping strong school funding while still providing homeowner relief.
What Are the Concerns About Amendment 3?
Amendment 3 drew opposition from a wide range of groups during the campaign, including firefighters, police officers, emergency medical technicians, local government officials and some top Republican leaders. They argued the cut could be too drastic for rural counties to absorb without affecting essential services. Florida’s Revenue Estimating Conference projected that the amendment would cost local governments about $12 billion in recurring revenue once fully phased in. A spokesperson for the “Save Our Services – No on 3” campaign said residents will see either cuts to local services and programs or tax increases.
Supporters respond that the measure delivers meaningful relief as property valuations have surged, and the special session is expected to include safeguards against local governments offsetting the cut with other taxes. How local budgets adjust over the next several years is an open question worth watching.
What Does Amendment 3 Mean for Home Buyers?
- Lower ongoing ownership costs may improve affordability. A larger exemption can reduce the non-school portion of a future tax bill on a primary residence, which is one component of the monthly cost of owning.
- Residency timing matters. Buyers moving from out of state should understand the December 31, 2026 residency date and the five-year phase-in for newer residents.
- A new purchase resets your assessed value. Florida generally reassesses a property at market value after a change in ownership, so a recent purchase will not have the built-up Save Our Homes benefit that a long-held home has. The exemption still reduces your taxable value.
- Budget with a range. Because local governments may adjust millage rates, treat any savings estimate as a range rather than a guarantee.
What Does Amendment 3 Mean for Home Sellers?
- Expect more buyer attention to tax bills. Lower projected taxes on a homestead may become part of how buyers evaluate a property’s total cost.
- Understand your Save Our Homes benefit before you move. Many long-time owners have a significant gap between assessed and market value. Portability can let you carry up to $500,000 of that benefit to a new Florida homestead, so it is worth planning around before you list.
- Investment property sellers should review the 5% cap. A lower assessment cap may influence how rental and second-home buyers underwrite a purchase.
What Does Amendment 3 Mean for South Florida Specifically?
South Florida has a large mix of long-term homesteaded owners, out-of-state buyers, seasonal residents and investors, so the amendment touches nearly every segment of the market. High-value homes may see a smaller percentage benefit, since a $250,000 exemption is a more modest share of a multimillion-dollar valuation than of a median-priced home. Condo and townhome owners, snowbirds converting to full-time residents, and investors holding rentals each fall into different categories under the new rules, so it is worth confirming which one applies to you.
Frequently Asked Questions About Amendment 3
Did Amendment 3 pass in Florida?
Yes. Florida voters approved Amendment 3 with about 62% of the vote, surpassing the 60% threshold required for constitutional amendments. When does the new homestead exemption take effect?
The expanded exemption begins in 2027 at $150,000 for non-school property taxes and increases to $250,000 in 2028. Inflation adjustments begin in 2029. Does Amendment 3 lower my school taxes?
No. The larger exemption applies to non-school property taxes. School tax exemptions remain unchanged, although DeSantis has suggested the Legislature may revisit school funding formulas next year. Do I need to reapply for homestead exemption?
Homeowners who already have a homestead exemption are generally expected to see the increase applied automatically, while those without one should apply through their county property appraiser. Because implementation details are still being worked out, check with your county property appraiser for current guidance. What if I move to Florida after December 31, 2026?
You will receive the existing homestead exemption once you qualify, and the larger benefit begins in your fifth year of homestead exemption, subject to federal constitutional requirements. Does Amendment 3 affect rental properties and second homes?
These properties do not receive the homestead exemption. Beginning in 2027, the annual cap on non-school assessment increases for them drops from 10% to 5%. Will local governments raise other taxes or cut services?
That is still uncertain. Opponents warn of service cuts or tax increases, while supporters point to the planned special session, which DeSantis said would aim to prevent local governments from taxing residents in other ways to make up the difference.
Summary: What Amendment 3 Means for You
Amendment 3’s passage is one of the most significant changes to Florida property taxation in years: a homestead exemption growing from $50,000 to $250,000 on non-school taxes, a lower 5% cap on non-homestead assessments, and unchanged Save Our Homes and portability protections. The final implementation details, including how the special session shapes the schedule and how local governments respond, are still developing, so the best approach is to understand how the rules apply to your specific situation before you buy or sell.
Buying or selling a home in South Florida? Contact Natasha at Live South Florida Realty, Inc.
Whether you are a homeowner weighing your next move, a buyer relocating to Florida, or an investor evaluating the new assessment cap, Natasha can help you understand how Amendment 3 may fit into your plans and guide you through the market with local expertise. Reach out to Natasha at Live South Florida Realty, Inc. today to start the conversation about buying or selling a home in the South Florida area.
Sources
- Florida Realtors, “DeSantis plans special session on property tax amendment” (November 5, 2026), reprinted from The News Service of Florida.
- Florida Realtors, “Florida voters approve Amendment 3” (November 4, 2026).
- WPTV, “What Florida homeowners need to know about Amendment 3 property tax savings”.
- WGCU, “Florida voters approved Amendment 3. But what happens next?” (November 5, 2026).
- FinanceBuzz, “Florida could slash property taxes”.
- NBC Miami, “Will your property assessment change if Amendment 3 passes?”.
This article is for general informational purposes only and is not legal, tax or financial advice. Savings depend on your property’s assessed value, local millage rates and final implementing legislation. Consult your county property appraiser and a qualified tax professional about your situation.
