Amendment 3 · Passed · If you own your home

Amendment 3 passed. Here is what it saves you.

The homestead exemption just got bigger, and it starts working on your tax bill in 2027. Here is what that means for your savings, your buying power and your next purchase.

What changed

The homestead exemption on non school taxes goes to $150,000 in 2027 and $250,000 in 2028, then tracks inflation. It takes effect January 1, 2027, shows up on the TRIM notice in August 2027 and lands on your bill in November 2027.

What it saves you

The exemption comes off your assessed value before the non school rates are applied. Take a South Dade house assessed near $340,000. Using the county numbers, that is about $5,050 a year in taxes today, about $4,040 in 2027 and about $3,010 in 2028. That is roughly $2,000 a year, or about $170 a month, that stays with you. It is an estimate, not a bill. Yours depends on your assessed value and your city.

One thing to know: school taxes do not change. A little under half of your millage in Homestead is school, so the saving works on the other half. The numbers above already account for that.

More buying power

Property tax is part of your monthly housing cost, and lenders count it. When the tax line is lower, the same home costs less to carry each month. That can mean more house for the same monthly budget, or the same house with more room to breathe.

An easier mortgage file

Lenders compare your monthly housing cost to your income. Lower property taxes shrink the housing side of that math, so your debt to income ratios can work better. Every file is different and approval is the lender's call, but this is a real tailwind. I am licensed on the lending side, so I can run your file and tell you where you stand.

A gentler first bill for new buyers

When you buy, the assessed value resets to what you paid. That is when property tax bites hardest. A bigger exemption takes a bigger piece out of that first bill, so new buyers feel less of the jump. Own the home on January 1 and file for homestead by March 1.

What to watch

Counties and cities lose revenue under this, and some police, fire and local government leaders warned it could squeeze services. Local governments may adjust millage rates to make up the gap, and millage applies to everything taxable, so some of your saving could be offset. Each city and county decides, and you will see it on your TRIM notice every August. Run your number again each year.

Not a Florida resident yet?

Amendment 3 also sets a smaller, phased in exemption for people who become Florida residents on or after January 1, 2027. Make Florida your permanent home by December 31, 2026 and you may avoid it. Ask your tax or legal advisor how it applies to you. Then see the new homes you could own by then. Some have closing costs paid, and offers change fast.

Read the full rule in Moving to Florida before 2027, and the investor view in what Amendment 3 means for ROI.

Where this comes fromWLRN, Florida approves Amendment 3 · ClickOrlando, how the new property tax plan works · Bilzin Sumberg, the December 31, 2026 residency deadline · Florida TaxWatch, 2026 Amendments Guide · Florida Policy Institute, Voter Guide