Florida voters are expected to vote on a major property-tax change on November 3, 2026. The proposal is called Amendment 3. It could lower part of the property-tax bill for many homeowners—but it could also reduce money available to local governments.

First, what is a homestead exemption?

A homestead exemption lowers the taxable value of a home you own and use as your main home. A lower taxable value can mean a lower property-tax bill.

It does not lower the home’s market value. It also does not affect every part of the tax bill in the same way.

What would Amendment 3 do?

For someone who is a Florida permanent resident by December 31, 2026 and establishes a homestead, the proposal would increase the exemption for non-school property taxes:

The exemption would start receiving positive inflation adjustments in 2029. The larger exemption would not apply to school-district property taxes.

What about people who move to Florida later?

People who establish Florida residency on or after January 1, 2027 would start with an exemption of up to $50,000 from non-school property taxes. They could qualify for the larger exemption beginning with the fifth year.

Starting in 2030, a county or city could shorten that waiting period for a critical local need with a two-thirds vote of its governing body.

Could this affect a first-time homebuyer?

Yes—but the effect would depend on the buyer’s situation.

• If you already live in Florida: You may qualify for the larger exemption after buying a home and establishing it as your homestead.
• If you move to Florida in 2027 or later: The waiting-period rules may apply to you.
• If you rent: You would not receive a homestead exemption directly. Changes in local taxes, services, fees, or a landlord’s costs could still affect you.
• If you are budgeting for a home: Do not assume the full exemption will apply to you or that school taxes will disappear. Ask for a property-specific estimate.

How much could someone save?

There is no one answer for every homeowner. Savings would depend on the home’s assessed value, its taxable value, local tax rates, other exemptions, and the share of the bill that comes from school taxes.

Here is a simple example: If another $100,000 became exempt and the covered non-school tax rate were 10 mills, the tax reduction would be about $1,000. This is only an example—not a quote or guarantee.

What else is included?

The amendment would lower the maximum yearly assessment increase for many non-homestead and commercial properties from 10% to 5%. That could affect second homes, rentals, and business property.

It would also create a path for more exemptions in the future. Some of those details would have to be written into law later, so voters do not yet know exactly how every future step would work.

A balanced look at the pros and cons

What could happen to local budgets?

Florida’s Revenue Estimating Conference projected that local non-school property-tax revenue could fall by about $4.95 billion in fiscal year 2027–28 and $8.78 billion in fiscal year 2028–29 under the first two exemption levels.

That does not mean every community would make the same choices. One city might delay projects. Another might reduce services, use reserves, increase allowed tax rates, or rely more on fees. The amendment limits county and city property-tax spending to listed public purposes, but it does not promise a set amount for each service.

Questions to ask before you vote—or buy

1. How much of this home’s tax bill is for school taxes?
2. What are the home’s assessed value and taxable value?
3. Would I qualify for homestead status and the larger exemption?
4. How could my city or county respond to lower revenue?
5. Could local services, fees, or tax rates change?

Important update about the ballot wording

On August 4, 2026, a Leon County judge ruled that the original ballot title and summary were not neutral enough and ordered the Florida Attorney General to submit new wording. The ruling did not, by itself, remove Amendment 3 from the November ballot.

Because the wording is being updated, voters should read the final official ballot language before Election Day.

The bottom line

Amendment 3 comes with a clear tradeoff. Many qualifying homeowners could pay less in non-school property taxes. At the same time, local governments could collect much less revenue.

For first-time buyers, the most important lesson is simple: do not budget from the headline number alone. Ask for a property-specific tax estimate and find out which exemptions you may qualify for.