Florida voters approve sweeping property tax cut for homeowners
Amendment 3 passed with 62% of the vote and raises the homestead exemption for non-school property taxes to $250,000 by 2028.
A majority of Florida voters approved Amendment 3, a property tax measure that expands the homestead exemption on primary residences. The exemption for non-school property taxes rises from $50,000 to $150,000 in 2027 and to $250,000 in 2028. The measure passed with 62% of the vote.
Real estate figures in Miami celebrated the result at a forum held hours after the polls closed. Some attendees said the cut would encourage more people to move from high-tax states. Critics have warned that the change could lead to cuts in municipal services. School property taxes are not affected.
A Miami broker said the extra savings would not change much for buyers of high-priced homes. He said the biggest benefit would go to retirees on fixed incomes whose homes are grandfathered at modest values, where tax bills could fall by 25, 30 or 50 percent.
Key points
- Amendment 3 passed with 62% of voters.
- Homestead exemption rises to $150,000 in 2027 and $250,000 in 2028 for non-school taxes.
- School property taxes stay in place.
- Retirees with grandfathered low home values could see the largest percentage cuts, according to a local broker.
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Summarized with AI from the sources above and reviewed before publishing.
