Skip to content
Florida Amendment 3, the Homestead Tax Exemptions, Property Assessments and Spending Restrictions Amendment, was approved by approximately 62% of FL voters in the recent election
A “yes” vote supported this constitutional amendment to:
1. Increase the homestead tax exemption for non-school district property taxes to $150,000 in 2027 and $250,000 in 2028, with the amount indexed to inflation starting in 2029 (the current exemption is $50,000).
2. Provide that new residents receive a smaller exemption until they’ve lived in the state for five years;
3. Decrease the cap on how much the assessed value of non-homestead properties, such as rentals and commercial buildings, can increase each year from 10% to 5%, except for school district taxes; and
4. Require counties and municipalities to spend property tax revenue on public safety, education, infrastructure, natural resource projects and flood control, local bonds, employee retirement benefits, and government operations.
Although reduction of taxes is always appealing to homeowners, Venice City officials opposed this amendment because it leaves the city in the position of having to make up for lost property tax revenue. Logically, this would probably mean a reduction in services, an increase in property tax rate, or a combination of the two.
