Florida Voters Approve Major Property Tax Cut in Amendment 3

Florida voters approved Amendment 3 on Tuesday with approximately 62% support, enacting a constitutional overhaul of the state's property tax structure. Spearheaded by Ron DeSantis, the measure increases the non-school homestead exemption for owner-occupied homes from roughly $50,000 to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029. It also reduces the maximum annual taxable value increase for non-homesteaded properties, such as rentals and commercial sites, from 10% to 5% starting January 1, 2027.

Governor DeSantis argued the amendment would curb wasteful local government spending. However, the measure faced opposition from municipal officials, police, and fire departments who warned that budget shortfalls could reach tens of billions of dollars over five years, potentially jeopardizing public safety and essential services in rural counties.

Florida voters rejected two other measures during the election. Amendment 1, which sought to increase the budget stabilization fund cap, failed with 40% support. DeSantis criticized the failed measure as "foolish" and attributed it to former House Speaker Daniel Perez. Amendment 2, which proposed tax cuts for agricultural equipment and agritourism, received 58.25% of the vote but failed to meet the required 60% threshold.