Florida Voters Approved a $250,000 Homestead Exemption: What Amendment 3 Could Save You, and Who Could Pay More

A big property tax change just passed in Florida. The savings could be real for many homeowners, but they depend on your home, your county and what local governments do next.

How much could Amendment 3 save a Florida homeowner?

At the statewide average non-school tax rate, Florida TaxWatch estimates about $1,035 in 2027 and $2,085 in 2028 for a homestead worth at least the new exemption. Your number depends on your local tax rate, your assessed value and whether local governments raise rates to make up the lost money.

Florida voters approved the measure on Tuesday, Nov. 3. With 99% of precincts reporting, News4Jax showed 4,917,829 yes votes to 3,016,210 no votes, or 62% to 38%. WLRN reported the result that night, noting it cleared the 60% Florida requires by two points. Gov. Ron DeSantis called it a "big win" for homeowners.

What actually changes on your tax bill

A homestead exemption takes part of your primary home's assessed value off the amount that gets taxed. Amendment 3 raises that exemption for non-school taxes, meaning county, city and special district levies, from about $50,000 to $150,000 starting Jan. 1, 2027, and to $250,000 in 2028. After that it rises with inflation.

School taxes don't get the bigger break. Florida TaxWatch says those make up about 40% of the average bill, so even a fully covered home still gets a bill. The existing $25,000 exemption for school taxes stays, and so does the Save Our Homes limit, which holds yearly assessment increases on a homestead to 3% or inflation, whichever is lower.

TaxWatch's shortcut: multiply your total non-school rate, in mills, by $98.59 for 2027 or $198.59 for 2028. One mill is $1 of tax per $1,000 of taxable value. Here is how that plays out:

• Assessed value of $400,000, at 10.5 mills: about $1,035 saved in 2027 and $2,085 in 2028.
• Assessed value of $120,000, at 10.5 mills: the old exemption left about $68,589 taxable, or roughly $720 in non-school tax. By our math, that falls to zero in 2027, so the saving can't go above the $720 this owner was paying.

Location matters a lot. WKMG's pre-election estimates, based on the TaxWatch tool, ranged from $352 in 2027 for unincorporated Brevard County to $1,113 in Orlando and $1,810 in Flagler County's Marineland. Those figures assume today's rates hold, and that's the big question.

Who pays for it

State economists put the loss to local governments at $4.9 billion in 2027, $8.7 billion in 2028 and $11.8 billion by 2031-32, Florida Trend reported, and TaxWatch says the state isn't reimbursing them. In Jacksonville, officials estimate more than $300 million a year. Port St. Lucie estimated a $48.4 million hit over two years, and said the change could remove nearly a quarter of its general fund.

Local governments have choices: cut spending, raise tax rates or raise fees. No official in the reports we read said they would raise rates, and state leaders argue local budgets have room. But Joel Berner, a senior economist at Realtor.com, told Inman that about 30% of local government revenue comes from property taxes, and localities "will likely have to raise sales taxes or other fees." If your rate rises, your saving shrinks. A sales tax or fee increase would also reach renters and visitors.

The amendment also tells lawmakers to create a process for phasing out homestead property taxes, though Port St. Lucie noted there's no deadline and no replacement revenue named.

What this means for your wallet

If you own your primary home in Florida and already have a homestead exemption, it may be worth finding your total non-school millage on your latest tax notice and running the TaxWatch math. Then treat the result as an estimate until your county and city set 2027 rates. The Hillsborough County tax collector noted that the change doesn't alter your bill immediately, and our guide to appealing your property tax assessment still applies, since the exemption comes off your assessed value.

If you own a second home, a rental or a commercial building, you don't get the bigger exemption. Your break is smaller: the yearly cap on assessment increases falls from 10% to 5%. If you plan to move to Florida, read the fine print. News4Jax reported that people who weren't residents on Dec. 31, 2026, get the current exemption at first and the larger one starting in their fifth year in the state. TaxWatch says counties and cities may shorten that wait after 2030. Anyone weighing a move in retirement may want to run the numbers both ways.

If you rent, there's no direct benefit. Whether you feel anything depends on what your landlord's costs and local fees do. Florida Trend quoted the state chamber's CEO warning about a "cost shift" onto renters, employees and businesses. For buyers, Berner said the relief could nudge some people off the fence. He also said the median Florida listing price fell 3.5% from a year earlier in September, and the median property tax bill is $3,839 a year. Our guide to renting vs. buying can help you weigh those costs.

What passed in other states

Florida wasn't alone. Inman's Wednesday tally showed North Carolina voters requiring a limit on local property tax increases, with lawmakers to set it, likely in 2027. Louisiana approved a local exemption for older homeowners and raised the income limit on its assessment freeze to $150,000. California approved an $11.25 billion housing bond and up to $25 billion in bonds for second mortgages covering as much as 17% of a new home's price. Some races were still uncalled on Wednesday morning, and counts could change.