Florida Voters to Decide on Property Tax Exemption Increase

Florida voters will decide on Amendment 3 during the November 3 election, a proposal designed to increase the homestead exemption for non-school property taxes. If the measure receives 60 percent or more of the vote, the exemption for primary residences would rise from $50,000 to $150,000 in 2027 and further to $250,000 in 2028. The amendment also seeks to lower the annual assessment growth cap for non-homesteaded properties from 10 percent to 5 percent.

Florida Realtors supports the measure as a means to improve housing affordability. However, the Florida Policy Institute predicts the amendment would cause a recurring statewide local revenue reduction of nearly $12 billion. Specific projections indicate significant losses for individual counties, including $449.4 million in Lee County, $190.8 million in Collier County, and $127.5 million in Charlotte County.

Local officials warn that these revenue losses could force municipalities to cut services or shift tax burdens toward renters and businesses. Charlotte County Sheriff Bill Prummell cautioned that such cuts could eliminate essential services, noting that more than 99 percent of his office's budget is funded through property taxes.