Florida Amendment 3 Clears the Vote: How Much the Larger Homestead Exemption Could Save

Most of the election-night attention centered on congressional races. For Florida homeowners, though, the ballot item that could affect next year’s property tax bill appeared lower on the page. Amendment 3, which increases the homestead exemption, required 60% support to pass, and unofficial returns reported on Wednesday morning showed it cleared that threshold.

There is one key calculation: the amount of your home’s value that no longer gets taxed, multiplied by the tax rate that still applies. Many people estimate the exemption amount fairly well but miss the rate, because the new exemption does not apply to school taxes.

What the amendment changes

The Florida House’s final staff analysis of the joint resolution, CS/HJR 1F, “Save our Homes from Excessive Property Taxes,” says the new exemption will apply to “non-school taxes only for the first $150,000 of assessed value of homestead properties in 2027, and the first $250,000 of assessed value in 2028 and thereafter.” The analysis also says the $250,000 amount will be indexed to inflation starting in 2029, and that the change takes effect on January 1, 2027.

By comparison, current law is described this way in the same analysis:

• The first $25,000 of assessed value is exempt from all property taxes, including school taxes.
• An additional $25,000 exemption applies to assessed value between $50,000 and $75,000. That portion does not apply to school taxes and is indexed to inflation; the analysis places its 2025 value at $25,722.

That means a typical homesteaded home currently has about $50,722 exempt from non-school taxes. Under Amendment 3, that rises to $150,000 in 2027 and $250,000 in 2028. School district levies remain subject to the smaller exemption.

The math: roughly $100 per mill in 2027, $200 per mill in 2028

Florida property taxes are expressed in mills, where one mill equals $1 of tax for every $1,000 of taxable value. Each tax bill lists the various taxing authorities and their rates. The only portion affected by Amendment 3 is the total that is not tied to a school district levy.

For a home assessed at $250,000 or more, the added exempt value is approximately:

• 2027: $150,000 minus $50,722, or about $99,000
• 2028: $250,000 minus $50,722, or about $199,000

One mill on $99,000 is about $99 in tax; one mill on $199,000 is about $199. Rounded off, that gives a simple estimate for your own bill:

The millage figures above are examples only. Use the non-school total from your own tax bill, and treat the result as an estimate: because the existing $25,722 exemption is indexed, the 2026 figure will differ slightly.

If your home’s assessed value is under $250,000, the savings are limited by that assessed value. For example, if a home is assessed at $180,000 in 2028, current rules would leave about $129,000 subject to non-school tax ($180,000 minus $50,722). Under Amendment 3, that taxable amount drops to zero. At an illustrative 15 mills, that would save about $1,940 a year.

Use assessed value, not market value

This is the most common mistake in rough estimates. The exemption is based on assessed value, not market value, and for a long-held homestead the assessed figure can be much lower than what the property would sell for. Florida’s Save Our Homes cap limits annual increases in a homestead’s assessment to the lesser of 3% or the change in the Consumer Price Index, according to the House analysis. Someone who bought many years ago may have an assessed value far below market. Check the assessed value on your county property appraiser’s record, not on a listing website.

Who does not get the new exemption

The new exemption applies only to homestead property, meaning a primary residence that the owner has claimed as a homestead. Rentals, second homes, and commercial property do not qualify. According to the analysis, those properties will instead receive a lower annual cap on assessment increases for non-school taxes, dropping from 10% to 5%.

That matters for owners of rentals or vacation homes in Florida. Their bills will not fall, though they may rise more slowly unless local governments raise rates to offset lost revenue.

The revenue gap local governments must cover

The House analysis cites the state Revenue Estimating Conference in projecting that local non-school property tax revenue will fall by about $4.95 billion in fiscal year 2027-28, $8.78 billion in 2028-29, and $11.86 billion annually on a recurring basis.

Counties may respond by cutting spending or increasing rates, and Amendment 3 limits the second option. Orange County’s explanation says the default maximum millage is narrowed to the “roll-back” rate. Raising it to 110% of that rate requires a two-thirds vote of the governing body, while going above 110% requires a unanimous vote. The county estimates its own revenue reduction at about $165 million in 2027 and $275 million in 2028.

For homeowners, the key point is that the per-mill savings described above represent a ceiling, not a guarantee. If a county raises its non-school rate, some of the benefit disappears.

Three decisions this changes

1. Buying a Florida home: the homestead deadline matters more now. Under Florida Statute 196.011, the exemption must be filed with the county property appraiser “on or before March 1 of each year.” The statute says that failing to apply by March 1 “shall constitute a waiver of the exemption privilege for that year.” Ownership as of January 1 controls eligibility. Missing the deadline used to cost tax savings on roughly $50,000 of value. Starting in 2028, it could cost tax savings on as much as $250,000.

2. Moving to Florida: review the residency date before counting on the full exemption. The House analysis describes a separate five-year exemption for owners who were not permanent Florida residents as of December 31, 2026. It covers the first $50,000 of assessed value for non-school levies and $25,000 for school levies, which is roughly what everyone receives now, before the owner moves into the full exemption after five years. At 15 mills, the difference from 2028 onward is about $3,000 a year. The wording of this provision is not fully consistent in the analysis, so it is worth confirming how it applies with the county property appraiser before making a move based on tax savings.

3. Already homesteaded: decide what to do with the savings before they vanish into the budget. If you have an escrowed mortgage, your servicer will eventually reduce your monthly payment after the new assessment is reflected. Plan ahead for where that money should go. Redirecting $3,000 a year into retirement savings or a brokerage account is the difference between a tax break and a wealth increase. If you do nothing, it usually turns into a slightly larger grocery budget.

What to do next

1. Pull your latest tax bill and total every non-school millage line.
2. Check your assessed value, not your market value, on the property appraiser’s site.
3. Multiply the exempt portion ($99,000 in 2027, $199,000 in 2028, or your assessed value minus $50,722 if that is smaller) by your non-school millage rate, then divide by 1,000.
4. If you are buying or moving, put January 1 and March 1 on your calendar and ask the property appraiser how the five-year provision applies to you.
5. Decide now where the savings will be invested.

Sources

1. Florida House of Representatives, Final Bill Analysis, CS/HJR 1F (2026F), “Save our Homes from Excessive Property Taxes,” June 16, 2026
2. The Florida Legislature, Florida Statutes § 196.011, Annual application required for exemption
3. Orange County Government, Florida, Property Tax Amendment 3