Florida just changed the math on property taxes.
Amendment 3 rewrites the homestead exemption for the first time in decades — and cuts the assessment cap on second homes and investment property in half. Here is exactly what changes, what it does not change, and what it could mean for your tax bill.
$150,000
Homestead exemption in 2027
non-school levies
$250,000
Homestead exemption in 2028
indexed after that
10% → 5%
Assessment cap on non-homestead property
second homes, rentals, commercial
Approved by voters with roughly 62% support (a 60% supermajority was required). This page is educational and is not tax, legal, or financial advice.
The measure
What Amendment 3 actually does
The ballot title reads “Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments.” It is a constitutional change with three moving parts — and a fourth that is easy to miss.
The homestead exemption nearly triples
For every levy except school district levies, the homestead exemption rises from $50,000 to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation. On a home assessed well above those amounts, that removes a large slice of taxable value.
The non-homestead cap is cut in half
Annual assessment increases on second homes, rental properties, and commercial real estate drop from a 10% cap to 5%. That limits how fast the taxable value of non-homestead property can climb — it does not cap your tax rate or guarantee a smaller bill.
New residents wait five years
Anyone who is not a Florida resident on December 31, 2026 receives the existing exemption first, with the increased exemption beginning in the fifth year of homestead exemption.
The part most headlines skip
The amendment also directs that county and municipal property taxes be used only for public safety, education, infrastructure, natural resources, bond debt service, retirement benefits, and operations. And it asks the Legislature to create a process letting local governments raise the homestead exemption all the way to full assessed value — a path to elimination that is optional, unscheduled, and not automatic.
What changes
- Non-school homestead exemption: $50,000 → $150,000 (2027) → $250,000 (2028).
- Non-homestead assessment cap: 10% → 5% per year.
- Five-year residency requirement for newly arriving homestead owners.
- Restrictions on what local property tax revenue may fund.
What does not change
- School district taxes — the first $25,000 of assessed value stays exempt from school levies, and nothing more.
- Save Our Homes — the 3% (or CPI) annual cap on homestead assessed value still applies.
- Tax rates — Amendment 3 changes exempt amounts, not the millage your county, city, or district sets.
- Non-ad valorem assessments — garbage, stormwater, and similar line items are untouched.
Estimator
What could this mean for your bill?
Pick your county, look up the property record, confirm the numbers, and see the difference the new exemption makes on non-school property taxes.
Find your property record
Property records are public. We attempt to locate your parcel in your county's Property Appraiser records. County portals vary, so you always confirm the match — or open the official record and enter the values yourself.
“Assessed Value” on your TRIM notice.
Add every levy except School District lines.
Next step
Taxes are one line. Your plan is bigger.
If Amendment 3 has you rethinking a move, a purchase, or your current loan, a licensed Ready Rate professional can run the numbers with you — no credit pull, no obligation.
Sources
- Florida TaxWatch — Amendment 3 Property Tax Resource Center
- Florida Department of Revenue — county property appraiser directory
- Ballotpedia — Florida Amendment 3 (2026) full text and history
Important disclaimer
This page is educational and reflects Amendment 3 as approved by Florida voters on November 3, 2026, effective January 1, 2027. It is not tax, legal, or financial advice, and it is not an offer to lend or a commitment to lend. Estimates are illustrative only: assessed values, exemptions, and millage rates are set by county property appraisers and local taxing authorities, and your actual bill may differ. Public-record lookups are provided as a convenience and must be verified against the official record and your TRIM notice. Ready Rate does not set tax rates or determine assessed values.
Property data is retrieved on demand and is not stored by Ready Rate. If you request a callback, the contact details you submit are used only to respond to your request.