Amendment 3 & How It Affects You

On Tuesday, Florida voters approved Amendment 3, changing the state constitution. It’s one of the biggest property tax changes Florida has seen in years, so I want to break down what it actually means for you, whether you live here full time, own a second home, or are thinking about buying.

THE KEY CHANGES (effective January 1, 2027)

• Bigger homestead exemption: For your primary residence, the exemption on non-school property taxes rises to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation (today it’s roughly $50,000).

• School taxes don’t change: The larger exemption applies to county, city and special district taxes, not the school portion of your bill.

• Lower cap for second homes and rentals: Properties without homestead (second homes, rentals, commercial) will see the yearly cap on assessed value increases drop from 10% to 5%. PS: this caps your assessed value, not your total bill, which can still move with local tax rates.

• New residents wait: If you are not a Florida resident by December 31, 2026, you’ll receive the current exemption when you first qualify, with the increased exemption beginning in your fifth year.

WHAT THIS MEANS FOR YOU

If you’re a full-time Florida homeowner: Expect meaningful savings on the non-school portion of your bill starting with your 2027 taxes, assuming your homestead is in place.

If you own a second home here: You won’t get the homestead exemption, but the new 5% cap gives you more predictability on how fast your assessed value can rise.

If you’ve been thinking about making Florida your permanent home: That December 31, 2026 date matters. Becoming a resident before year-end versus after could affect when you receive the full benefit.

WANT TO SEE YOUR NUMBERS?

The State of Florida has a savings estimator where you can enter your address: https://www.saveourhomesfl.com

And if you’re wondering how this changes the math on buying, selling, or holding a property in Southwest Florida, send me a message or give me a call. I’d be glad to walk through it with you.