Key facts
- Florida's Amendment 3 doubled the homestead exemption to $100,000, rising to $150,000 in 2027 and $250,000 in 2028.
- The Tax Foundation projects Amendment 3 will cost Florida local governments $4.9 billion in its first year.
- The Tax Foundation projects the cost could reach $8.7 billion in the second year as the exemption grows.
- Florida school districts, counties and municipalities collected more than $59 billion in property taxes in 2025, per the Florida Department of Revenue.
- Jared Walczak of the Tax Foundation said the change shifts burden to newer homes, renters and commercial property.
- Peggy Olin, CEO of OneWorld Properties, said tax breaks are unlikely to move Florida home prices.
Florida voters passed Amendment 3 on November 3, 2026, doubling the homestead property tax exemption to $100,000. The exemption rises to $150,000 in 2027 and $250,000 in 2028, but buyers after 2026 must wait five years in the home to receive the larger break.
The Tax Foundation projects the measure will cost Florida local governments $4.9 billion in its first year and $8.7 billion in the second as the exemption grows. Florida school districts, counties and municipalities collected more than $59 billion in property taxes in 2025, according to the Florida Department of Revenue.
Jared Walczak, a senior fellow at the Tax Foundation, said the change shifts the burden to newer homes, newer homeowners, renters and commercial property. He said the measure's passage in Florida could prompt similar efforts in other states.
Peggy Olin, CEO of Florida brokerage OneWorld Properties, said the tax break is unlikely to move Florida home prices. Real estate agent Christopher Wands said a Chicago family made a $2.3 million offer on a Miami luxury condo, citing the exemption as a factor in their rush to close.