Florida constitutional amendments: Here’s what to know about the 3 ballot measures

By
FOX 13 News
Published October 30, 2026 8:04 AM EDT

The Brief

    • Florida voters will decide on three constitutional amendments covering state reserve funds and property tax changes.
    • The proposed measures aim to expand the state rainy day fund, exempt agricultural equipment and cap property tax assessments.
    • Opponents raise concerns about local government budget shortfalls and the opportunity costs of state funds.

TAMPA, Fla. - Florida voters will decide the outcome of three proposed constitutional amendments on Nov. 3 that could reshape the state reserve fund and alter property tax policies for homeowners, farmers and business owners.

Amendment 1: State budget reserve expansion

The backstory:

Lawmakers placed Amendment 1 on the ballot to adjust how Florida manages its Budget Stabilization Fund, also known as its "rainy day fund". 

The constitutional measure raises the fund cap from 10% to 25% of net general revenue collections.

The proposal directs the legislature to deposit up to $750 million each year into the reserve until reaching the target. Lawmakers can suspend deposits or withdraw funds during revenue shortfalls, natural disasters or critical state needs. 

Amendment 2: Agricultural equipment tax exemptions

What we know:

Florida voters will also consider Amendment 2, which aims to eliminate tangible personal property taxes on machinery used in farming, ranching and agritourism. Qualifying items include tractors, irrigation systems, harvesters, and livestock tools habitually located on legally classified agricultural land.

The physical equipment must be owned by the landowner or leaseholder and actively used for production or agritourism activities like farm tours. 

Amendment 3: Homestead tax exemption changes

What we don't know:

Voters will also decide on Amendment 3, which seeks to overhaul the property tax system by expanding non-school homestead exemptions up to $250,000 by 2028. It is not yet clear how local governments will adjust their budgets if faced with potential revenue shortfalls.

Amendment 3 also lowers the annual cap on assessment growth for non-homestead properties—such as second homes, commercial buildings, and rental units—from 10% down to 5% starting Jan. 1, 2027. 

Voter approval threshold requirements

What's next:

Because all three measures are constitutional amendments, each requires at least a 60% "YES" vote on Nov. 3 to pass. If approved, initial provisions for the tax changes will take effect Jan. 1, 2027.

The Source: The information in this story was gathered from the Florida Department of State. 

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