Facing a historic cut to property-tax revenue, local governments are preparing for a new spending regime under Florida’s Amendment 3.
The tax-cut constitutional amendment will mean significant drops in the money that governments collect from property — particularly homes that serve as primary residences, where the current exemption of $50,000 will jump to $250,000 by 2029.
While there is no immediate effect from the new amendment — the first phase of the cut wouldn’t show up until next year’s tax bills — government leaders will soon be grappling with reduced revenue as they figure out how to craft a 2028 budget with less money to spend…