Amendment 3 Passed: What It Means for Central Florida Homeowners

Yesterday, Florida voters approved Amendment 3, the biggest change to the state's property taxes in years. Constitutional amendments need 60% to pass, and Amendment 3 had about 62% when the race was called. Here's what changes, when it starts, and what it could mean for your next move.

What changes for homeowners

A much larger homestead exemption. Today, your primary residence gets about $50,000 off its assessed value for property taxes. Amendment 3 raises the part that applies to non-school taxes in two steps:

• 2027: $150,000
• 2028: $250,000
• After that: the amount can be adjusted for inflation

School taxes stay the same. The $25,000 exemption that applies to school-district taxes doesn't change. The rest of your school-tax bill is calculated just as it is today. Your bill will drop, but it won't disappear.

A lower cap for non-homestead property. Today, the assessed value of second homes, rental homes and commercial property can rise up to 10% a year. Starting January 1, 2027, that limit falls to 5%.

New Florida residents may wait longer. Early reporting says people who move to Florida starting next year must live here five years before they qualify for the new, larger exemption.

When you'll feel it

Nothing changes this year. Local governments expect the first real drop in property tax revenue in fall 2027, and a much larger one in 2028. One Tampa Bay-area analyst estimates eligible homeowners will save about $1,300 in 2027 and about $2,700 in 2028 and after. Your savings will depend on your home's assessed value and your local tax rates.

What it could mean for the market

• For buyers: Lower yearly costs of owning a home could bring back some buyers who have been waiting. Mortgage rates, home prices and insurance still matter most to affordability.
• For current homeowners: A bigger exemption makes owning your primary residence cheaper. That may change the math on whether to stay, sell or upgrade.
• For investors and second-home owners: The 5% cap makes yearly tax increases easier to predict. Rental and second homes don't get the larger homestead exemption.

The other side of the ledger

State economists estimate local governments will lose nearly $5 billion in property tax revenue in the first year, growing to almost $12 billion a year. Cities and counties will have to decide whether to cut services, raise tax rates or find other money. Keep an eye on your city and county budget hearings over the next year.

What to do now

1. Check your homestead status with the Orange County Property Appraiser, or your own county's, to make sure your exemption is on file.
2. Look at your 2026 TRIM notice so you know your starting point.
3. Talk with us before you buy or sell in 2027 or 2028. When you close could affect your taxes.

Want to know what Amendment 3 means for your home? Bear Team offers a free, 30-minute consultation with no obligation. Call (407) 228-1112.

This article is for general education and reflects reporting published as of November 4, 2026, drawn from the sources linked above. Vote totals are from election night and are not yet certified, and final details depend on how the state puts the amendment into effect. Nothing here is financial, legal, tax, or lending advice, and no statement here is a recommendation to buy or sell. For your situation, talk with your county property appraiser or a tax professional. Equal Housing Opportunity.