Florida voters approved Amendment 3, raising the homestead exemption to $150,000 in 2027 and $250,000 in 2028, with 62% support. The current exemption stands at $50,000.
Only primary residences qualify. Homeowners must establish Florida residency by December 31, 2026, to receive the full benefit. Those arriving later get the $50,000 exemption for four years before qualifying. The school board levy remains excluded from the increase.
The amendment also cuts the annual assessment cap on non-homestead commercial property from 10% to 5%, effective January 1, 2027. Renters, who occupy roughly one-third of Florida's housing units, receive no relief.
The legislature's economic research office estimated local governments would lose nearly $5 billion in 2027-28. The Florida Sheriffs Association warned of fewer deputies and slower 911 response. Opponents included the Florida League of Cities, Florida Association of Counties, Florida State Fraternal Order of Police, Florida Professional Firefighters, and Florida Fire Chiefs Association.
Neil Schiller, managing partner at Government Law Group, said the result will change how cities weigh development. "Projects that generate jobs, economic activity, and alternative tax revenues may become more attractive, while developments that require significant public services and infrastructure will face greater financial scrutiny," Schiller said.
Andrew Hellinger, co-principal at Urban-X Group, noted that "people still need roads, public transportation and essential community services, and those have to be paid for."
Gov. Ron DeSantis called a special session to place the amendment on the ballot after lawmakers approved it with changes protecting school funding.