Amendment 3 Passed: What It Means for Your Florida Property Taxes (With Examples)

On November 3, Florida voters approved Amendment 3 with about 62% of the vote. Constitutional amendments need 60%, so it passed. Since then, almost every client I talk to has asked the same thing: "What does this do to my property taxes?"

Here's the plain-English answer, with examples you can compare to your own tax bill.

What Amendment 3 changes

1. A much bigger homestead exemption on non-school taxes. Your property tax bill has two parts: school taxes and non-school taxes (county, city, fire rescue, library and other local districts). Today, a homestead gets about $50,000 off its assessed value for non-school taxes. Under Amendment 3, that goes up to:

• $150,000 starting with the 2027 tax year
• $250,000 starting with the 2028 tax year, then adjusted for inflation after that

2. School taxes don't change much. The $25,000 homestead exemption on school taxes stays the same. That part of your bill isn't affected by the new exemption.

3. A lower assessment cap for non-homestead property. Rentals, second homes and commercial property don't get the bigger exemption. But the yearly cap on how much their assessed value can rise for non-school taxes drops from 10% to 5%.

4. Limits on how local governments spend property tax revenue. Counties and cities can only use property tax dollars for core services such as public safety, schools, infrastructure, natural resources, debt payments and employee retirement.

Example 1: A typical South Florida homestead

Say your homestead has a $400,000 assessed value. (That's the assessed value on your TRIM notice, which is often well below market value because of Save Our Homes.) For this example, assume your non-school tax rate is 12 mills, or $12 per $1,000 of taxable value.

If your taxes are paid through your mortgage escrow, that's roughly $100 a month less in 2027 and $200 a month less from 2028 on, once your servicer adjusts your escrow.

Example 2: A long-time owner

Because of Save Our Homes, people who have owned for many years often have a low assessed value. Say your assessed value is $220,000, with the same 12-mill rate.

• Today: $220,000 − ~$50,000 = $170,000 taxable → about $2,040 in non-school tax.
• 2028: the $250,000 exemption is larger than your $220,000 assessed value, so your non-school taxable value could drop to $0. That's about $2,040 a year saved. You'd still owe school taxes.

Who benefits, and who doesn't

Benefits most: homeowners with a homestead exemption, especially those whose assessed value is in the $150,000 to $400,000+ range.

Partial benefit: owners of rentals, second homes and commercial property get the lower 5% assessment cap, which slows future increases but doesn't lower today's bill.

No direct benefit: renters. Whether landlords pass any savings on is up to the market.

New to Florida? Read this. People who were not Florida residents by December 31, 2026 face a five-year waiting period before they qualify for the larger exemption. They still get the regular homestead exemption in the meantime.

When you'll actually see it

• 2027 tax year: the $150,000 exemption applies. You'll see it on your TRIM notice in August 2027 and on your tax bill in November 2027.
• 2028 tax year: the full $250,000 exemption applies.
• Your mortgage payment: if you escrow, your payment usually drops after your servicer's next annual escrow analysis, not the day the bill changes. If your escrow builds up a surplus, servicers generally refund it after that review.

The fine print

• The Legislature still has to pass the details in the 2027 session. The basic numbers are set by the amendment, but how it's put into practice could shift.
• Tax rates can change. These examples assume local tax rates stay where they are. Local governments will lose billions in revenue, and some may raise rates or add fees to make up part of it. Your real savings could be smaller than the examples.
• Insurance still matters. For many Florida homeowners, insurance moves the escrow payment more than taxes do. Watch both.

What to do now

1. Make sure you have your homestead exemption. If you bought this year and haven't filed, the deadline for the 2027 tax year is March 1, 2027. File with your county property appraiser.
2. Find your assessed value and tax rates on your most recent TRIM notice or tax bill, and run the numbers the same way as the examples above.
3. If you're buying, lower property taxes mean a lower monthly payment, which can help with how much home you qualify for. Factor in the new exemption when you budget, and remember the waiting period if you're moving here from out of state.
4. If you're an investor, the 5% cap makes future tax increases on rentals more predictable, which helps when you underwrite a DSCR loan.

Frequently asked questions

Want me to run your numbers?

Send me your latest TRIM notice or tax bill and I'll estimate what Amendment 3 could mean for your taxes and your monthly payment. No cost, no pressure.

Frank Herrera · 305-299-6995 · frank@frankyourmortgageguy.com