TAMPA, Fla. - Florida voters are heading to the polls to vote on Amendment 3, a constitutional proposal that could overhaul property taxes across the state.
Florida property tax overhaul
What it means:
Florida's Amendment 3 seeks to significantly increase homestead tax exemptions and reduce assessment growth caps for non-homestead properties. Under current law, homeowners receive a base $25,000 exemption for all taxes including schools, plus an additional exemption for non-school taxes totaling roughly $51,411 for the tax year.
If approved by at least 60% of voters, Amendment 3 would keep the $25,000 school exemption unchanged but expand the non-school homestead exemption up to $150,000 on Jan. 1, 2027, and up to $250,000 on Jan. 1, 2028. Beginning in 2029, the maximum exemption limit would be adjusted for inflation.
Non-homestead assessment protections
More to know:
The proposal also targets non-homestead properties, such as second homes, commercial buildings and rental units. Amendment 3 lowers the annual cap on assessment growth for non-homestead property from 10% down to 5% starting Jan. 1, 2027.
Key voter requirements
What's next:
If approved, the initial provisions will take effect Jan. 1, 2027, with the higher $250,000 threshold following in 2028.
The Source: The information in this story was gathered from the Florida Department of State.