November 6, 2026 09:00 AM PST
(PenniesToSave.com) – Florida homeowners are in line for one of the largest property tax cuts in the country. Voters approved Amendment 3 on Tuesday, a constitutional change that expands the state’s homestead exemption from $50,000 to $250,000 over the next two years [4][5]. Nearly 4.9 million voters, or 62%, said yes, clearing the 60% threshold required to amend Florida’s constitution [4][5].
The measure was the most sweeping of the property tax proposals that appeared on ballots in seven states this week [3]. It also comes with a clear trade-off. Property taxes help fund roads, parks, police and fire services, and cities and counties across Florida warned before the vote of budget gaps ranging from millions to hundreds of millions of dollars [4]. Gov. Ron DeSantis, who campaigned for the amendment, says he will call a special legislative session to put it in place [2][4].
Quick Links
- What Does Amendment 3 Change?
- How Much Could Homeowners Save?
- Who Gets Left Out or Has to Wait?
- What Happens to Local Budgets and Services?
- Why Are Landlords, Investors and Out-of-State Buyers Paying Attention?
- Is Florida Part of a Wider Property Tax Revolt?
What Does Amendment 3 Change?
Amendment 3 targets homestead property, meaning a homeowner’s primary residence [1]. Starting in 2027, qualifying homeowners will be able to shield the first $150,000 of their home’s assessed value from non-school property taxes, up from $50,000 today [4][5]. That figure rises to $250,000 in 2028, and the New York Post reported it will increase with inflation beginning in 2029 [5].
The exemption covers non-school taxes only [3][4]. That detail matters when reading the examples circulating online. NBC 6 South Florida reported that the owner of a $400,000 home would pay taxes on just $150,000 of taxable value [1]. The New York Post clarified that the figure applies to non-school property taxes once the full exemption takes effect in 2028, compared with $350,000 under the current exemption [5].
The amendment also changes the rules for property that is not a primary residence. It cuts the yearly cap on assessment increases for non-homestead properties from 10% to 5% [4][5]. That change reaches second homes, rentals and commercial buildings, which means the amendment touches far more than owner-occupied houses even though the headline benefit goes to primary residences [5].
The margin was decisive. Spectrum News reported nearly 4.9 million yes votes against just under 3 million no votes, a 62% to 38% split [4]. Yahoo Finance and the New York Post also reported roughly 62% [3][5], while CBS News Miami described the result as almost two-thirds of voters [2]. Either way, the amendment cleared the 60% bar Florida requires for constitutional changes [4][5].
How Much Could Homeowners Save?
The answer depends on where a home sits and how it is assessed. A Realtor.com analysis cited by the New York Post estimated the median Florida homeowner could save roughly $1,800 a year by 2028, though actual savings will vary with local tax rates and assessed values [5]. Yahoo Finance reported that the expanded exemption could effectively wipe out non-school homestead taxes entirely in some parts of the state [3].
For a personalized figure, the state points homeowners to an online calculator. DeSantis announced the Save Our Homes website in May [1]. After entering an address, users see their 2025 estimated taxes levied, estimated taxes with the exemption of up to $250,000, and projected annual savings [1]. Those figures come from the administration that championed the amendment, so they are best treated as estimates rather than guarantees.
Truly owning private property should not mean perpetually paying rent to the government.
Gov. Ron DeSantis, on the Save Our Homes website [1]
Homeowners should also plan for what the exemption does not touch. Hillsborough County Property Appraiser Bob Henriquez told Spectrum News that owners will still pay school taxes and other charges, including stormwater taxes, solid waste fees and special district assessments [4]. Those line items stay on the bill, so any expected savings belong in a realistic household budget only after the first new tax bill confirms them.
The relief arrives as costs keep climbing. Nicole Fox, a policy analyst at the Tax Foundation, told Yahoo Finance that property tax bills have been rising faster than both inflation and home values [3].
Who Gets Left Out or Has to Wait?
Not every Floridian benefits equally, at least not right away. New arrivals face a waiting period. According to the New York Post, anyone who is not a Florida resident by Dec. 31, 2026 will initially receive only the existing homestead exemption, and the expanded benefit will not apply until their fifth year of homestead eligibility [5]. Spectrum News described the rule more broadly, reporting that property owners must be Florida residents by the end of this year to take advantage of the exemption or wait five years [4]. The Post’s account is the more detailed of the two.
Owners of manufactured homes raised a separate concern. The Federation of Manufactured Homeowners of Florida opposed Amendment 3, arguing that many residents who own their homes but lease the land underneath them would not see a direct reduction in their property taxes [4].
Renters are another open question. Supporters argued the measure could save rental property owners money and that those savings could be passed on to tenants [4]. Whether that happens will depend on individual landlords and local rental markets, and tenants have no direct line item to watch on their own bills.
Homeowners who already hold a homestead exemption are in the strongest position. Their larger exemption begins in 2027 and reaches the full $250,000 in 2028 [4][5]. For longtime residents who have watched assessments climb, that timeline offers a predictable path to lower bills, provided local governments do not offset the savings with new fees.
What Happens to Local Budgets and Services?
Property taxes are the backbone of local government finance. Yahoo Finance reported they account for 70% or more of local revenue for municipalities across the country, funding infrastructure, parks and public safety [3]. Opponents of Amendment 3 argued that local governments could lose revenue and may have to make up the difference through other taxes or fees, or by reducing services [4].
Florida officials put numbers on those concerns before the vote. Henriquez said unincorporated Hillsborough County could lose as much as $300 million [4]. Safety Harbor Mayor Joe Ayoub said the city estimates a loss of about $3 million in property tax revenue, and Largo officials projected a loss of $15.7 million a year [4]. Clearwater City Manager Jennifer Poirrier said the city could lose $12 million from its budget in the first year [4].
The concerns extend to Central Florida. Orange County officials estimated the amendment could reduce tax revenue by $165 million in fiscal 2027 and $275 million in 2028, and Sheriff John Mina said he could have fewer deputies on the street as a result [4]. Seminole County leaders delayed funding for nonprofits until after the vote [4]. Taken together, the warnings show how quickly a statewide tax change becomes a local budget decision, with police staffing, fire coverage and community programs all on the table [4].
[T]he money has to come from somewhere else, or the service gets eliminated.
Bill Healey, 2026 president of the International Association of Assessing Officers [3]
Each of these estimates comes from a government that collects the revenue in question, and each has an interest in protecting its budget. Still, they frame the central question for residents: whether local leaders find savings within existing spending or pass the cost back to households through fees and other charges.
Why Are Landlords, Investors and Out-of-State Buyers Paying Attention?
Amendment 3 is not only a homeowner story. The lower assessment cap covers vacation homes, rental properties, investment properties and commercial buildings [5]. The New York Post offered an example: a rental assessed at $500,000 could see its taxable assessment rise by no more than $25,000 the following year, compared with $50,000 under the old rules [5]. For anyone weighing rental and investment properties, that slower growth makes future tax bills more predictable. The cap applies to assessed values rather than tax rates, however, and assessments can reset when a property changes hands [5].
Out-of-state buyers are watching as well. Florida has long drawn affluent Northeasterners with its lack of a state income tax and its warm weather, and the Post previously reported that the median listing price in Palm Beach nearly doubled between September 2019 and January 2025 [5].
Miltiadis Kastanis, executive director of sales at Compass, told the Post that wealthy clients have discussed the tax changes for months and that the five-year waiting period could lead some to start their moves sooner [5]. He named New York, California, Illinois and Washington, D.C. as major sources of wealthy buyers, though he said rising inquiries have not necessarily turned into completed sales [5]. The Post also reported in January that Wells Fargo was moving its wealth-management headquarters to West Palm Beach, part of a broader migration of financial firms to South Florida [5].
Is Florida Part of a Wider Property Tax Revolt?
Florida was one of seven states where voters weighed property tax relief on Tuesday, part of a broader backlash as home prices and assessed values have climbed while incomes have largely failed to keep pace [3]. The results were mixed, reflecting the trade-off between limiting fast-rising taxes and funding public services [3]. Florida and North Carolina approved their measures by wide margins, while Wyoming and Oklahoma voters rejected their tax-limiting measures [3].
North Carolina voters approved, with more than 60% of the vote, an amendment requiring the General Assembly to pass legislation limiting how much local governments can raise property tax revenue from year to year [3]. Louisiana voters approved relief for select groups, including seniors [3]. Oklahoma voters rejected a measure to limit the growth of property tax assessments, and Wyoming voters turned down an amendment that would have cut property taxes by 50% for most homes after critics, including the state’s governor, argued the cuts would decimate local services [3].
Florida’s next step runs through Tallahassee. DeSantis says he will call a special legislative session to implement the amendment [2]. The Save Our Homes calculator launched after he unveiled a proposal aimed at reducing, and eventually eliminating, property taxes for many Florida homeowners [1], which suggests Amendment 3 may be a starting point rather than a final word. Danielle Blake of Miami Realtors, which supported the measure, told Yahoo Finance the result showed voters clearly want relief [3].
Final Thoughts
Amendment 3 gives Florida homeowners a much larger shield from non-school property taxes, rising from $50,000 today to $150,000 in 2027 and $250,000 in 2028 [4][5]. A Realtor.com estimate puts median savings at roughly $1,800 a year by 2028 [5], though school taxes, stormwater taxes and other fees will remain on the bill [4].
A few dates matter most. Dec. 31, 2026 is the residency cutoff for full access to the expanded exemption without a five-year wait [5]. The first increase arrives in 2027, and the full $250,000 follows in 2028 [4][5]. Before then, the special session DeSantis plans will shape how the change is carried out [2].
The bigger story will play out in city halls and county commissions. Local governments warned of revenue losses ranging from about $3 million to as much as $300 million [4]. How they respond, through tighter spending or new fees, will decide how much of this tax cut households actually keep.
For homeowners, the practical steps are straightforward. Confirm that the home is on file as a homestead, run the address through the Save Our Homes calculator for an estimate [1], and keep an eye on local budget hearings over the next year, where decisions about fees and service levels will be made [4]. The amendment sets a larger exemption in the constitution, but the size of each household’s savings will depend on choices made much closer to home.
Works Cited
[1] Quintana, Julian. “Check Calculator to See Your Home’s Property Tax Savings after Amendment 3 Passes.” NBC 6 South Florida, 4 Nov. 2026, www.nbcmiami.com/news/local/check-calculator-to-see-your-homes-property-tax-savings-after-amendment-3-passes/3883598/.
[2] Maugeri, Steve. “Florida Gov. Ron DeSantis to Call for Special Session after Voters Approve of Amendment 3.” CBS News Miami, 4 Nov. 2026, www.cbsnews.com/miami/video/florida-gov-ron-desantis-to-call-for-special-session-after-voters-approve-of-amendment-3/.
[3] Boston, Claire. “‘The Money Has to Come from Somewhere’: Florida Voters Approve Sweeping Property Tax Cut, While Tax Revolts in Wyoming and Oklahoma Fall Short.” Yahoo Finance, 4 Nov. 2026, finance.yahoo.com/real-estate/article/the-money-has-to-come-from-somewhere-florida-voters-approve-sweeping-property-tax-cut-while-tax-revolts-in-wyoming-and-oklahoma-fall-short-184002359.html.
[4] “Amendment 3, ‘New Homestead Tax Exemption,’ Approved by Voters.” Spectrum Bay News 9, 3 Nov. 2026, baynews9.com/fl/tampa/news/2026/10/29/amendment-3-florida-election-night-results.
[5] Fu, Emily. “Florida Approves Sweeping Property-Tax Breaks, but New Yorkers Planning a Move Face a Catch.” New York Post, 4 Nov. 2026, nypost.com/2026/11/04/real-estate/florida-approves-sweeping-property-tax-breaks/.