October 23rd, 2026 11:20 AM by Linda Holley
Florida’s Amendment 3, on the ballot for November 3, is a proposed constitutional change that could significantly reduce property taxes for some homeowners. However, it could also affect the funding local governments have available for services such as police, fire rescue, roads, and drainage.
For owners who live in their home, today's homestead exemption for non-school property taxes is $50,000. If Amendment 3 passes, that would change to a $150,000 exemption in 2027 and $250,000 in 2028 and beyond. This is a significant reduction in our property tax bills--a great incentive for Florida homeowners today and future buyers.
How it works: If a home is assessed at $300,000 and it has a $250,000 exemption for non-school taxes, then just $50,000 would be subject to non-school property taxes.
School property taxes would remain.
Non-homestead rental homes, second homes, and commercial properties. Amendment 3 would reduce the annual cap on assessed-value increases from 10% to 5%. If the properties assessed value would otherwise rise by more than 5% (as opposed to today's 10% cap), the lower cap could limit a higher tax bill. Over time, that may slow the growth of the taxable assessed value, but it does not guarantee a lower tax bill because the local tax rates and other factors can change.
Florida residents are rightfully concerned about how local services would be affected. Counties and cities rely on property taxes to pay for services such as fire protection, law enforcement, and infrastructure. When tax revenue income is reduced, this could create pressure to adjust budgets, tax rates, fees, or services. The exact effects would vary by location.
Call Linda if you would like more information about the services we offer to buyers and sellers.
Linda Holley, Realtor, GRI, SRES, CIPS, 941-952-8086
William Raveis Real Estate
6021 Midnight Pass Road, Siesta Key, FL 34242
1516 Main Street, Sarasota, FL
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