Amendment 3 would cut first $250,000 of home value from non-school property tax bills

Florida voters will decide Tuesday whether to adopt Amendment 3, a proposal that would exempt a larger portion of home values from non-school property taxes. The measure requires a 60% approval threshold to pass. If successful, the new rules take effect on Jan. 1, 2027.

The amendment creates a stepped exemption schedule for current Florida homeowners. In 2027, the first $150,000 of a home's assessed value would be exempt from non-school taxes. That exemption increases to $250,000 in 2028. From 2029 onward, the $250,000 exemption adjusts annually for inflation.

New residents who move to Florida after the amendment takes effect face a different timeline. They receive a five-year homestead exemption before becoming eligible for the higher limits. Only residents who were permanent Florida residents before Jan. 1, 2027, qualify for the immediate stepped increases.

The proposal also changes how non-homestead property values are calculated. It lowers the annual assessment growth cap from 10% to 5%. This limit restricts how much the assessed value of investment or commercial properties can increase each year.

Local governments would face stricter rules on how they spend property tax revenue. Funds could only be used for specific categories. These include public safety, education, infrastructure, and natural resource projects. Local bonds, employee retirement benefits, and county operations are also permitted uses.

Current homestead exemption rules already provide tax relief for two brackets of assessed value. Amendment 3 modifies this structure by applying the exemptions solely to non-school taxes. The change aims to reduce the property tax burden for homeowners while keeping school funding intact.