Amendment 3 Could Cut Local Property Taxes by $45 Billion
The proposal would lower home tax bills but restrict how counties spend the money.
By Victoria Hayes ·
Florida voters will decide on Tuesday whether to approve Amendment 3, a measure that promises major property tax cuts for homeowners. The proposal, formally known as HJR 1F, aims to reduce local property tax revenue by an estimated $45.84 billion over five years. While the tax breaks benefit individual households, critics argue the plan could strain local budgets for services like police and libraries.
Florida Tax Watch, a nonprofit research institute, released a resource center to help residents understand the financial impacts. The group estimates the statewide tax reduction will reach $11.83 billion in fiscal year 2031-32. Previous years in the projection show losses of $4.93 billion in 2027-28, $8.71 billion in 2028-29, and $9.65 billion in 2029-30.
The amendment creates a new homestead exemption for non-school taxes. For current residents, the exemption would cover the first $150,000 of assessed value in 2027. That amount would rise to $250,000 in 2028 and remain at that level, indexed to inflation, from 2029 onward. New residents would receive a specific five-year exemption before becoming eligible for the higher tier.
The measure also changes how property values are assessed. It lowers the annual growth cap for non-homestead properties from 10% to 5%. This limit restricts how much the assessed value of commercial and rental properties can increase each year.
If approved, local governments would face strict limits on how they spend property tax revenue. Allowed uses include public safety, such as law enforcement and fire services. Funds could also support education, infrastructure projects like roads and bridges, and natural resource management. Local governments could use the money to pay employee retirement benefits or service local bond debt.
State lawmakers have already approved the amendment. It now requires 60% of the vote to pass. The general election is scheduled for November 3, 2026. If voters approve the measure, the changes would take effect on January 1, 2027.
Source: WKMG-TV · original report published
