Florida Voters Approve Amendment 3, Expanding Homestead Tax Break

Florida voters approved Amendment 3 on Tuesday with roughly 62% support, clearing the 60% threshold needed to amend the state constitution and triggering the largest expansion of the state's homestead property-tax exemption in years, according to the New York Post. The vote came during the same Tuesday midterms that produced a range of other closely watched state and federal results, HTT News reported.

What does Amendment 3 change for Florida homeowners?

Starting in 2027, Florida homeowners who qualify for the state's existing homestead exemption will be able to shield the first $150,000 of their home's assessed value from most local, non-school property taxes, up from $50,000 currently, the Post reported. That protected amount rises to $250,000 in 2028, then adjusts for inflation beginning in 2029.

The mechanics matter for anyone doing the math. A home assessed at $400,000 would generally be taxed on just $150,000 of that value in 2028 under the new exemption, versus $350,000 under today's $50,000 exemption, according to the example cited in the Post's report.

How much will homeowners actually save?

A previous Realtor.com analysis cited by the Post estimated the median Florida homeowner could save roughly $1,800 a year by 2028 once the exemption reaches $250,000. The outlet cautioned that the figure is an estimate — actual savings will vary by local millage rates and a property's specific assessed value, so a homeowner in a high-tax county could see a different outcome than one in a low-tax county.

Amendment 3 by the numbers

• 62% — share of the vote Amendment 3 received Tuesday, above the 60% threshold required for a constitutional amendment
• $50,000 to $150,000 — increase in the protected, tax-exempt portion of a homestead's assessed value starting in 2027
• $250,000 — the exemption ceiling once it reaches full phase-in in 2028
• $1,800 — Realtor.com's prior estimate of annual savings for the median Florida homeowner by 2028

What's the catch for New Yorkers and other out-of-state buyers?

Timing matters. Anyone who is not already a Florida resident by Dec. 31, 2026, will initially qualify only for the existing, smaller homestead exemption once they establish residency, the Post reported. The expanded $150,000-to-$250,000 benefit does not apply to new arrivals until their fifth year of homestead eligibility — meaning a buyer who moves in 2027 would not see the full upgraded exemption until roughly 2032.

That phase-in could matter to a familiar demographic: Florida has long drawn affluent Northeasterners, particularly New Yorkers, with its lack of a state income tax and climate, according to the Post. The outlet noted that an earlier Post analysis found the median listing price in Palm Beach nearly doubled between September 2019 and January 2025, a run-up the paper tied in part to wealthy New York transplants.

Why are luxury real-estate agents watching the result?

Miltiadis Kastanis, executive director of sales at Compass, told the Post that wealthy clients had been discussing the proposed tax changes for months before Tuesday's vote, with some treating the amendment's passage as additional incentive to consider relocating south. The Post did not report a specific savings figure tied to Kastanis's clients.

Amendment 3 timeline

• 2026: Amendment 3 passes with roughly 62% of the vote during Tuesday's midterms; residency cutoff of Dec. 31, 2026, set for the expedited exemption schedule
• 2027: Homestead exemption rises from $50,000 to $150,000 for qualifying homeowners
• 2028: Exemption ceiling reaches $250,000
• 2029 and beyond: Exemption amount begins adjusting for inflation annually

Glossary

Homestead exemption: A reduction in a home's taxable assessed value available to owners who use the property as their primary residence, lowering the base on which most local property taxes are calculated. Florida's exemption excludes most non-school taxing authorities and does not eliminate school-related levies on the exempted amount, per the mechanics described in the Post's report.

The measure's full fiscal effect on Florida counties — which rely heavily on property taxes to fund local services — was not detailed in the available reporting.