Florida's Tax Amendment Promises Lower Home Bills but Shifts Costs Elsewhere

Florida voters will decide Amendment 3, which would raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028, reducing homeowners’ property taxes but lowering the cap on assessments for non-homestead and rental properties to 5% annually. While some homeowners would pay less, landlords, businesses and renters could face higher costs or fees to make up lost revenue, potentially squeezing essential services and prompting local governments to explore tax or fee increases or state aid. The outcome hinges on the trade‑off between lower homeownership costs and funding for schools, infrastructure, and public safety; passage requires 60% yes votes.