Florida's Amendment 3 explained: what it does and doesn't do
Credit to Attorney Cristen Martinez of Lutz, Florida, who explains the proposed amendment ahead of the November vote.
- Bigger homestead exemption. If Amendment 3 passes, the homestead exemption for permanent Florida residents rises to $150,000 in 2027 and $250,000 in 2028. It applies only to your primary residence.
- Non-school taxes only. The higher exemption doesn't touch school taxes, so it will never wipe out a homeowner's property tax bill completely.
- Timing matters for new residents. Anyone who isn't a permanent Florida resident by December 31, 2026, has to wait five years for the increased exemption.
- Lower cap for non-homestead property. Investment properties, vacation homes and second homes would see the yearly cap on assessment increases cut from 10% to 5%.
- Limits on how property taxes are spent. The legislature would have to set up a process to eventually raise the homestead exemption to a home's full assessed value. Counties and cities would have to spend property tax money on public safety, schools, infrastructure, natural resources, bond debt, employee retirement, and operations. Governing bodies could approve other spending unless general law prohibits it. Everything takes effect January 1, 2027.
Watch Attorney Cristen Martinez's full breakdown here: https://www.instagram.com/reel/DdrAqwGS5DX/
This summary is for educational purposes only and is not legal advice. Talk to a qualified attorney or tax professional about your own situation.
Phillip M. Rigsby
Global Real Estate Advisor
Premier Sotheby's International Realty
Naples, FL.
239.494.2563
