On November 3, 2026, Florida voters approved Amendment 3 with about 62% of the vote, clearing the 60% threshold required to change the state constitution. Starting in 2027, people who live in their own home will pay property tax on a lower value, and owners of rentals, vacation homes and company-held property get a tighter cap on how fast their assessed value can rise. The school portion of the tax does not change.
What passed
Amendment 3 increases the homestead exemption that applies to non-school property taxes. The changes take effect January 1, 2027. (Results are still unofficial, and part of the rollout depends on implementing legislation from the Florida Legislature.)
1. If you live in your home (homestead)
The additional exemption rises to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments after that. It applies to the home you actually live in, filed in your name as your primary residence (your homestead). More of your home’s value becomes exempt, so your non-school tax bill goes down.
2. If you own a rental, vacation home or property held by a company
These do not get the new homestead exemption. Instead, the annual cap on how much the assessed value can increase drops from 10% to 5% per year (the school portion is excluded). That means slower growth in your taxable value over time — valuable if you hold property long term.
3. If you moved to Florida after 2026
If you were not a Florida resident on December 31, 2026, you start with the current exemption when you first qualify, and the larger exemption phases in from your fifth year of living in the state.
What stays the same
The portion of property tax that funds public schools is unchanged. The cut applies only to the non-school portion of your bill.
Quick summary
- Homestead exemption 2027 — $150,000
- Homestead exemption 2028 onward — $250,000 (then inflation-adjusted)
- Rental / vacation / company-held property — assessment rises max 5%/year
- School portion — unchanged
- Effective — January 1, 2027
What to do now
- Make sure your primary home is filed as a homestead with your county property appraiser.
- If you own more than one property, review which qualifies as homestead and which does not.
- Planning to buy or move to Florida? Factor the 5-year timing into your decision.
The rule changed for everyone — but what it saves you depends on your specific properties. It is worth running your own numbers before 2027.