Overview
- CBS projected that Amendment 3 was approved by Florida voters on Tuesday, making the constitutional changes effective Jan. 1, 2027 if the projection holds.
- The amendment raises the homestead exemption for most local taxes to $150,000 in 2027 and $250,000 in 2028, lowers the annual cap on assessment growth for non‑homestead property from 10% to 5%, and imposes new rules on how counties can spend property tax revenue.
- State and independent analyses estimate the change would cost local governments billions each year — roughly $4.6–$4.9 billion in year one, $8.4–$8.7 billion in year two, and near $12 billion by 2031 — figures reported by the Florida Legislature and the Tax Foundation.
- Analysts warn those losses will likely shift revenue burdens to commercial property owners, landlords and renters through higher commercial taxes, raised millage rates, increased permits and other fees, and could force cuts to local services such as fire rescue, roads and parks.
- The proposal drew strong support from Gov. Ron DeSantis and Florida Realtors with large industry funding, and opposition from Democrats, many local officials and some sheriffs; campaign polls had struggled to reach the 60% threshold required for a constitutional amendment before Election Day.