Florida Amendment 3: What It Means for Your Property Taxes

Amendment 3 in Florida proposes increasing the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, adjusted for inflation thereafter. School taxes and other assessments remain. It limits annual assessment increases on non-homestead properties to 5%. New residents face a five-year wait for enhanced benefits. The amendment could significantly reduce local tax bases, impacting government services and budgets. It requires 60% voter approval to pass.