Florida voters approved Amendment 3 on Tuesday with roughly 62% of the vote. It needed 60. If you live in your Florida home year-round, this is the part of the amendment written for you. If you're thinking about moving here, the timing matters more than anything else in it.
What changes for homeowners with a homestead
Today the homestead exemption takes roughly $50,000 off your assessed value for non-school property taxes. On January 1, 2027, that rises to $150,000. On January 1, 2028, it rises to $250,000. Annual inflation adjustments begin in 2029.
Here is what that looks like on a home with a non-school assessed value of $400,000. At today's exemption, you pay tax on $350,000. In 2027, you pay on $250,000. In 2028, you pay on $150,000. At an illustrative rate of 10 mills, that is about $1,000 less per year in 2027 and about $2,000 less in 2028. Your millage rate will differ, so treat those figures as a way to size it up, not a quote.
Why the headline number won't match every bill
Save Our Homes stays in place. Your assessed value can still rise by no more than 3% a year or the rate of inflation, whichever is lower. If you've owned for a long time, your assessed value may sit well below market, and the larger exemption comes off that lower number. Recent buyers are assessed closer to market value, so the full exemption does more for them.
School taxes are untouched. Florida TaxWatch puts schools at about 40% of the average bill. That piece stays as it is.
Rates and fees still move. Amendment 3 changes taxable value, not millage rates. CDD assessments, special district fees and other non-ad valorem charges sit outside it. Local governments that lose tax roll can raise rates, so watch your proposed notice.
Nothing arrives right away. The first look comes on the August 2027 TRIM notices. The first bills go out in November 2027.
Portability and the senior, veteran, widow and disability exemptions don't change. Homestead still has to be filed with your county property appraiser by March 1, and it still depends on owning and living in the home on January 1. If you already have homestead, confirm with the property appraiser that nothing needs to be refiled.
If you're moving to Florida
The amendment draws a line at December 31, 2026. People who are permanent Florida residents on that date, and who otherwise qualify for homestead, get the larger exemption on the schedule above. People who become residents after that date start at up to $50,000 beginning January 1, 2027, adjusted for inflation from 2028. The larger exemption becomes available after four years of holding a Florida homestead exemption and first applies on January 1 of the fifth year. That second rule is subject to what the U.S. Constitution allows, so expect lawyers to look at it.
Two questions sit under this. When do you become a Florida resident, and when does a specific property become your homestead? They have different answers. Residency evidence usually includes a Florida driver's license, voter registration, vehicle registration, a declaration of domicile, and updated mailing and financial addresses. Homestead follows ownership and occupancy on January 1, so a home you buy in 2027 qualifies for the 2028 tax year.
Buyers should also plan around the reset. When a home sells, it is reassessed at full market value. You start from today's number, then the 3% cap works for you from there. Budget your carrying costs from the purchase price, not from what the seller paid in tax.
The December 31 date is eight weeks away. Domicile is a legal question with real consequences in the state you're leaving, so talk to a Florida tax attorney or CPA before the year ends.
The trade-off on the local side
The amendment limits what counties and cities can spend property tax revenue on: public safety, schools, infrastructure, natural resources and flood control, debt service, employee pensions, and core government operations. The Florida Sheriffs Association and many local officials opposed it and warned that revenue could shrink enough to squeeze services. Supporters, including Florida Realtors, argue that homeowners needed relief. Local budgets built under the new rules will show where that lands.
Key dates
- December 31, 2026: Residency cutoff for the full expanded exemption.
- January 1, 2027: Homestead non-school exemption rises to $150,000. Residents after the cutoff start at up to $50,000.
- January 1, 2028: Homestead non-school exemption rises to $250,000.
- 2029 onward: Annual inflation adjustments begin for the larger exemption.
- August and November 2027: First TRIM notices, then first bills.
What I'm telling clients
I won't predict what this does to prices. Nobody knows yet. Lower carrying costs make the monthly math easier for buyers, and sellers should expect buyers to ask about it.
If you own and you're deciding whether to stay or sell, start with what your home is worth today. You can request a free valuation at mattdixonrealestate.com/home-valuation. If you're planning a move to Central Florida, call me. I moved here from Manchester, England, so I know how many pieces a relocation has.
I'm a real estate broker, not a tax advisor. Confirm how Amendment 3 applies to you with your CPA or your county property appraiser.
