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Florida Amendment 3 Passed: What It Means for Your Property Taxes and Next Move
Florida voters approved Amendment 3 on November 3, opening the door to a larger homestead exemption and lower property taxes for qualifying homeowners. Unofficial results show approximately 62% voted in favor, exceeding the 60% required for approval. Florida Chamber of Commerce
But how much could you save—and does it matter when you move to Florida or buy your home?
The details matter, especially one date: December 31, 2026.
What Is Florida Amendment 3?
Amendment 3 changes Florida’s Constitution to increase the amount of a qualifying primary residence’s assessed value that is exempt from non-school property taxes.
An exemption reduces the value used to calculate your taxes. It is not a check, and a $250,000 exemption does not mean $250,000 in savings.
For eligible homeowners, the new exemption schedule is:
| Tax year | Maximum exemption for non-school property taxes |
|---|---|
| 2027 | $150,000 |
| 2028 | $250,000 |
| 2029 onward | Adjusted for inflation |
The amendment takes effect January 1, 2027. It also reduces the annual assessment increase cap for qualifying non-homestead properties from 10% to 5%. That limits certain assessed-value increases; it does not guarantee a lower tax bill. constitutionalinitiatives.dos.fl.gov
How Much Could a Homeowner Save?
Let’s use a home with a $400,000 assessed value and an illustrative combined non-school tax rate of 10 mills, or 1%.
Assessed value is the value used for tax purposes before exemptions. It may be different from your purchase price or what your home could sell for.
For 2026, a fully qualifying homeowner can receive up to $51,411 in homestead exemptions against non-school taxes. Using that as our baseline, here is the comparison. floridarevenue.com
| Calculation | 2026 baseline | 2027 | 2028 |
|---|---|---|---|
| Assessed value | $400,000 | $400,000 | $400,000 |
| Non-school exemption | $51,411 | $150,000 | $250,000 |
| Non-school taxable value | $348,589 | $250,000 | $150,000 |
| Non-school tax at 1% | $3,485.89 | $2,500 | $1,500 |
| Annual savings versus baseline | — | $985.89 | $1,985.89 |
| Monthly equivalent | — | $82.16 | $165.49 |
That is almost $2,000 per year by 2028 in this example.
These calculations hold assessed value and tax rates constant and assume full eligibility. They compare against the 2026 exemption, rather than forecasting what exemptions would have been without Amendment 3. Your actual savings depend on your property, exemptions, and future tax rates.
What Does This Mean for Current Florida Homeowners?
If you already own and live in a qualifying homesteaded property, the larger exemption could reduce the non-school portion of your future tax bill.
Your existing Save Our Homes protection and portability rules remain in place. Save Our Homes generally limits annual assessed-value increases to 3% or inflation, whichever is lower. Portability may help eligible homeowners transfer an existing assessment benefit when moving to another Florida homestead. Hillsborough County Tax Collector
The benefit will vary. Someone whose assessed value is already low may have less remaining taxable value to remove. A homeowner who is already fully exempt may receive little or no additional direct benefit.
For current homeowners considering selling and buying, the next step is to estimate the taxes on the replacement home—including any eligible portability benefit—before deciding what monthly payment feels comfortable.
Already Live in Florida but Haven’t Bought Yet?
You do not necessarily need to purchase a home before December 31, 2026, to qualify for the larger exemption later.
The Santa Rosa County Property Appraiser explains that people who establish Florida residency by that date can qualify for the higher exemption when they later purchase a qualifying residence and apply for homestead. SRCPA
For example, someone renting in Tampa or Wesley Chapel who is already a permanent Florida resident by year-end could purchase in 2027 and receive the larger exemption for the tax year in which they first qualify.
That distinction matters: the residency deadline and the homeownership requirements are separate.
When shopping, also remember that the seller’s current tax bill is not a reliable estimate of your future bill. A change in ownership can lead to reassessment, and the seller may have years of accumulated assessment protection. The Florida Senate
Why the Timeline Matters
There are several dates to keep on your radar:
| Date or milestone | Why it matters |
|---|---|
| December 31, 2026 | Residency cutoff separating the two exemption paths |
| January 1, 2027 | Amendment takes effect; $150,000 exemption begins for eligible homesteads |
| January 1 each tax year | Ownership and permanent-residence status generally determine homestead eligibility |
| March 1 | Standard deadline to apply for that year’s homestead exemption |
| August 2027 | First changes are expected on proposed tax notices |
| November 2027 | First affected annual tax bills |
| 2028 tax year | Larger exemption increases to $250,000 for eligible homeowners |
The ownership and filing requirements still apply; establishing residency alone does not create a homestead exemption. The Florida Senate
Your November 2026 tax bill does not change because of Amendment 3. It covers the 2026 tax year. Hillsborough County Tax Collector
For homeowners who pay taxes through mortgage escrow, the monthly savings shown above are a budgeting equivalent. An actual payment adjustment depends on the lender’s escrow review.
Planning to Move to Florida? Your Residency Date Matters
People who establish permanent Florida residency after December 31, 2026, follow a different path.
They generally begin with a $50,000 non-school homestead exemption, with inflation adjustments beginning in 2028. The larger exemption becomes available starting in their fifth year of homestead exemption—after four qualifying years. hernandocountypa-florida.us
Here is an example:
A family moves to Florida and purchases its primary residence in June 2027. Assuming they first qualify for homestead in 2028, their qualifying years would be:
| Homestead year | Calendar year |
|---|---|
| First | 2028 |
| Second | 2029 |
| Third | 2030 |
| Fourth | 2031 |
| Fifth: larger exemption generally begins | 2032 |
This illustrates why the waiting period should be counted from the first homestead exemption year, rather than simply from moving day. Implementation guidance and applicable exceptions should be confirmed with the county property appraiser.
For anyone already planning a late-2026 relocation, review the residency requirements now. Signing a purchase contract or owning a vacation home is not the same as establishing permanent Florida residency.
What Costs Will Still Be on Your Tax Bill?
Amendment 3 does not eliminate every charge associated with homeownership.
School property taxes remain. Non-ad valorem assessments—such as applicable CDD, solid waste, and stormwater charges—are not reduced by the larger homestead exemption. This is especially relevant when comparing Tampa Bay communities with different assessment structures. Hillsborough County Tax Collector
Local tax rates and fees can also change. A larger exemption reduces taxable value, but it does not lock in your total annual bill. hernandocountypa-florida.us
What Should You Do Before Your Next Tampa Bay Move?
Start with your residency date, homestead status, and a property-specific tax estimate.
If you already own, check that your exemption is correctly recorded. If you rent in Florida, understand how your existing residency affects a future purchase. If you are relocating, build your budget around the exemption you will actually qualify for.
As a real estate agent and mortgage loan advisor, I help clients look at the full picture: the home, financing, property taxes, insurance, HOA fees, and CDD assessments.
Thinking about buying, selling and buying, or moving to Tampa Bay? Let’s review how the numbers could work for your next move.
Information current as of November 5, 2026. Election certification, implementing legislation, and county guidance may affect administration. Savings shown are illustrative.
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