Florida voters approve $200,000 property tax exemption boost

Florida voters approved Amendment 3 on Tuesday, a measure that raises the homestead property tax exemption from $50,000 to $150,000 in 2027 and to $250,000 in 2028. The amendment received 62 percent of the vote, surpassing the 60 percent threshold required for constitutional changes to take effect. This action reduces the taxable value of homes for a large segment of the state's population, directly lowering their annual property tax bills.

The legislative path for the measure began with a recommendation from Gov. Ron DeSantis to immediately raise the exemption to $250,000. During a special session in June, the Florida Legislature modified the plan to a phased increase and carved out school districts from the larger exemption. The proposal then went directly to the ballot without requiring the governor's signature. DeSantis campaigned for the measure for over a year, citing surging property valuations as the primary driver for the change.

Two other constitutional amendments appeared on the ballot this election cycle, and both failed to reach the 60 percent mark. Amendment 1, which would have raised the cap on the budget stabilization fund from 10 percent to 25 percent of general fund revenue, received 40 percent of the vote. Amendment 2, which offered property tax exemptions for certain farm equipment and agricultural property, garnered 58.25 percent support. The agriculture measure would have generated an estimated $30 million to $40 million in tax savings across the state's 67 counties.

Reaction to the results was mixed among political leaders and local officials. DeSantis declared the outcome a "big win" for homeowners in a post on X. He also criticized Amendment 1, calling it a testament to the influence of former House Speaker Daniel Perez, and noted his party split with the Republican Party of Florida on that specific issue.

Opponents of Amendment 3, including groups of firefighters, police officers, and emergency medical technicians, argued the cut was too drastic for rural counties to absorb. Jeff Brandes, a former Republican state senator, stated that the governor and the Legislature are now responsible for managing the financial fallout. Senate President Ben Albritton and former Senate President Kathleen Passidomo also voiced concerns that a one-size-fits-all exemption could strain local services.

The next steps for the approved amendment involve the state government updating tax rolls for the 2027 and 2028 tax years to reflect the new exemption tiers. Local governments will face the immediate task of balancing their budgets in the coming fiscal year, with a portion of their revenue previously derived from property taxes now reduced by the new exemption levels.