Florida Could Slash Property Taxes in 2027 - What Homeowners Need To Know Before November

Property taxes have emerged as one of the most contentious issues in Florida, where housing values have climbed sharply, and tax bills have followed. Now Florida voters are being asked to do something about it. A proposed constitutional amendment on the November 3, 2026 ballot could deliver the largest reduction in Florida homeowners' property taxes in decades, with meaningful savings beginning as soon as 2027.

Whether this is good financial fitness planning for homeowners or a risky shift in local government financing depends heavily on what the amendment actually does and what it leaves out. Here is what you need to know before you vote.

What Amendment 3 would actually do

Florida voters will decide on November 3, 2026, whether to approve a constitutional amendment that would significantly expand the homestead property tax exemption. The Florida Legislature passed the measure during a special session in June 2026. It requires at least 60% voter approval to take effect.

If voters approve it, here is what changes:

• The homestead exemption for non-school property taxes would increase from the current maximum of roughly $50,000 to $150,000 in 2027 and to $250,000 in 2028. Beginning in 2029, the maximum would be adjusted for inflation annually. The $25,000 exemption that applies to school district taxes would remain unchanged. In plain terms: Homeowners would pay property taxes on a smaller share of their home's assessed value, but school taxes would not be affected.
• The amendment also reduces the annual cap on assessment increases for non-homestead properties, including rental homes, second homes, and commercial real estate, from 10% to 5%.
• Finally, it restricts how counties and municipalities can spend property tax revenue, requiring that remaining funds be directed toward specified purposes including public safety, infrastructure, and debt service.

Who benefits and by how much

The savings would vary significantly depending on where you live and what your home is worth.

Pinellas County Property Appraiser analysis explains the mechanics clearly: For established homeowners with a Florida homestead exemption in place, the larger exemption would reduce the taxable value of their home for non-school levies by up to $250,000 by 2028. Since property tax rates vary by county and city, the dollar savings depend on local millage rates. Homeowners in areas with higher local tax rates would generally see larger dollar savings from the same percentage reduction in taxable value.

However, Palm Beach County Property Appraiser Dorothy Jacks has been direct about one of the most common misconceptions surrounding the measure: "It is a tax reduction. There is no question it is a tax reduction, but it is not an elimination." 

Homeowners would continue paying the school district portion of their property taxes regardless of the amendment's outcome. This matters because school taxes make up a significant share of property tax bills in many Florida counties.

Florida's Revenue Estimating Conference determined that Amendment 3 would cost local governments $12 billion on a recurring basis once fully phased in, including both the expanded homestead exemption and the lower non-homestead assessment cap.

Who does not benefit, and the important residency rules

Not every Florida homeowner would qualify for the larger exemption on the same timeline. Eligibility would depend in part on when a person becomes a Florida resident.

People who establish Florida residency by December 31, 2026, could qualify for the higher exemption when they later purchase a qualifying primary residence and apply for a homestead exemption.

People who establish Florida residency on or after January 1, 2027, would instead start with the exemption available to new residents. After maintaining a homestead exemption for four years, they could qualify for the larger exemption starting January 1 of their fifth year.

The court fight over ballot language

The amendment's path to November has not been straightforward. On August 3, 2026, Leon County Circuit Judge David Frank declared the original ballot title and summary for Amendment 3 "clearly and conclusively defective", ruling it was biased, misleading, and in several places factually inaccurate.

The original title, "Save Our Homes From Excessive Property Taxes," was the central target. Frank wrote that the title was "more akin to a political slogan" than a neutral description, and found that the summary's promises to "benefit" taxpayers, "protect small businesses," and "ensure" core services were advocacy language rather than accurate descriptions of the amendment's effects.

The ruling did not remove Amendment 3 from the November ballot. Frank ordered Attorney General James Uthmeier to rewrite the ballot title and summary within 10 days. The state did not appeal. 

On August 13, Uthmeier released the rewritten language, replacing "Save Our Homes From Excessive Property Taxes" with the more neutral title "Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments."

The underlying proposal is unchanged. Only the words voters will see on the ballot have been rewritten.

The concerns about local government and service cuts

The most substantive objection to Amendment 3 is not about whether it cuts taxes. It clearly does. The question is what fills the resulting revenue gap.

Florida legislative fiscal analysis estimates local government revenues would be reduced by $4.6 billion in fiscal year 2027-28 and $8.78 billion in fiscal year 2028-29. The amendment includes no mechanism to replace that revenue. Without an offset, local governments would need to either cut services or shift the burden to other sources.

The Florida Sheriffs Association, the Florida State Fraternal Order of Police, Florida Professional Firefighters, and the Florida Fire Chiefs Association have all come out against the amendment, warning that reductions in property tax revenue would strain local budgets used for law enforcement, fire protection, emergency medical services, and disaster response.

The Tax Foundation has pointed out that reducing the homestead tax base does not reduce the cost of providing services; it simply shifts who pays. The most likely outcome if the amendment passes is higher millage rates applied to non-homestead properties, meaning landlords, commercial property owners, and second-home owners would pay more, costs that in the case of landlords would likely be passed along to renters through higher rents.

How likely is it to pass

Florida constitutional amendments require at least 60% voter approval, a high bar that has tripped up well-supported measures before. The 2024 recreational marijuana measure received 56% support and failed. The 2022 homestead exemption for first responders got 58.7% and also failed.

A James Madison Institute poll conducted among 1,400 likely midterm voters showed that Amendment 3 draws 76% support when presented without context about the fiscal trade-offs. That number drops below the 60% threshold when voters are told specifically about potential cuts to local services. The margin of error was plus or minus 2.62 percentage points.

Support crosses party lines in the initial framing: 89% of Republicans, 64% of independents, and 59% of Democrats said they would vote yes when the amendment was described favorably. The court-ordered rewrite of the ballot language, which is now more neutral and less promotional, may bring the on-ballot description closer to the version that produced the lower support number.

Bottom line

If Amendment 3 passes in November, qualifying Florida homeowners could see lower non-school property taxes beginning in 2027, with greater savings in 2028. However, school taxes would remain unchanged, and not everyone would qualify for the full benefit.

If you plan to start investing the savings, wait for the official vote before changing your budget. If it passes, consider putting the extra money toward savings, an IRA, or other investments.

This article is for informational purposes only and should not be considered investment advice.

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