Florida voters approved Amendment 3 in the Nov. 3 general election, paving the way for changes to the state’s property tax system beginning in 2027.
The amendment increases the homestead exemption for qualifying homeowners from $50,000 to $150,000 in 2027 and $250,000 in 2028, with future adjustments for inflation. The expanded exemption applies to non-school property taxes, meaning homeowners could see lower property tax bills while school taxes remain unchanged.
The amendment also lowers the annual assessment cap for non-homestead properties, including rental and commercial properties, from 10% to 5%. However, the changes could affect local governments collecting less property tax revenue, according to the Florida Department of State. …