Key facts
- Amendment 3 replaces the $50,000 homestead exemption with $150,000 in 2027 and $250,000 in 2028.
- Only primary residences qualify; second-home and investment-property owners get no exemption increase.
- Homeowners must establish Florida residency by December 31, 2026, to receive the full benefit.
- The non-homestead commercial property assessment cap falls from 10% to 5% on January 1, 2027.
- The legislature's economic research office estimated local governments would lose nearly $5 billion in 2027-28.
- The school board levy is excluded from the increased exemption.
Florida voters approved Amendment 3 on November 3, 2026, raising the state's homestead exemption in phases, according to unofficial returns showing 62% support. The measure needed 60% to pass. It replaces the $50,000 exemption with $150,000 in 2027 and $250,000 in 2028, and only primary residences qualify.
Homeowners must establish Florida residency by December 31, 2026, to get the full benefit; later arrivals keep the $50,000 exemption for four years before qualifying. The school board levy is excluded. The amendment also cuts the annual assessment cap on non-homestead commercial property from 10% to 5%, starting January 1, 2027. Renters, who occupy about a third of Florida's housing units, get no relief.
Gov. Ron DeSantis called a special session to put the amendment on the ballot, and lawmakers approved it with changes protecting school funding. DeSantis had sought a broader exemption. He cast the measure as a fix for tax bills inflated by pandemic-era migration; Florida home prices rose more than 50% between 2020 and 2022. Prices have since stalled, and the average home value fell 3.7% over the past year.
Opponents included the Florida Sheriffs Association, which said in August it was significantly concerned and by mid-September was running ads featuring sheriffs from four counties. Association President Billy Woods warned of fewer deputies, slower 911 response and more crime. The Florida State Fraternal Order of Police, Florida Professional Firefighters, Florida Fire Chiefs Association, Florida League of Cities and Florida Association of Counties also opposed it.
According to the legislature's economic research office, local governments would lose nearly $5 billion in 2027-28. The Florida Policy Institute, a progressive think tank, created Floridians for Shared Prosperity, which sponsored a campaign urging a no vote.
Neil Schiller, managing partner at Government Law Group, told HousingWire TBD the result will change how cities weigh development. Andrew Hellinger, co-principal at Urban-X Group, developer of River Landing Shops & Residences in Miami, said in an e-mail to HousingWire TBD that affordability had become important but that roads, public transportation and essential community services still have to be paid for.