Forecast Puts Florida Property-Tax Amendment's Annual Local Revenue Loss at $11.8 Billion

Florida voters will decide Tuesday, Nov. 3, whether to expand property-tax breaks for homeowners, with the proposal carrying a forecast of $11.8347 billion in annual local revenue losses if it passes.

Amendment 3 would let qualifying homeowners exempt up to $150,000 of their home's assessed value from non-school property taxes starting Jan. 1, 2027. The exemption would rise to $250,000 on Jan. 1, 2028, with inflation adjustments starting in 2029. It reduces the value subject to tax; it does not promise an equivalent cash reduction in a homeowner's bill. School district levies are treated separately.

People who were not Florida residents on Dec. 31, 2026, would initially receive a $50,000 non-school exemption and become eligible for the larger amount in their fifth year of exemption. The amendment would also cut the annual assessment-growth cap for non-homestead property from 10% to 5% for non-school taxes.

A recurring annual local revenue reduction of $11.8347 billion is projected if voters approve the measure. Projected cash reductions are $4.9295 billion in fiscal year 2027-28 and $8.7145 billion in 2028-29. The projected cash reductions rise to $9.6479 billion in 2029-30 and $10.7102 billion in 2030-31. No specific service cuts or local budget adjustments are identified.

The amendment would limit county and municipal property-tax revenue to listed purposes, including public safety, education and public schools, infrastructure, natural-resource projects, bond payments, employee retirement benefits, and government operations and administration.

Mike Weinstein, Jacksonville's chief administrative officer, said, “There’s a small segment of homeowners that will benefit from this.” Steven Johnson, an organizer with Florida Rising, questioned who would benefit from the measure. Gov. Ron DeSantis supports the amendment and said, “Local governments can surely do the same.” Miami-Dade County Sheriff Rosie Cordero-Stutz said, “tax relief and public safety are not competing priorities.”

Florida voters will decide the measure Tuesday, Nov. 3. It needs at least 60% approval to pass and would take effect Jan. 1, 2027.