Amendment 3 will appear on Florida's November 3, 2026 general election ballot, and if approved, it would make several significant changes to the state's property tax system.

The part getting the most attention is a substantially larger homestead exemption. But that's not the only piece. The proposal also changes the assessment cap for non-homestead properties, which includes rentals, second homes and commercial real estate.

There's quite a bit packed into one amendment, so let's separate what it actually proposes from the campaign language surrounding it.

01 • THE BIGGEST CHANGE

The Homestead Exemption Would Get Much Larger

For qualifying homesteaded property, Amendment 3 would increase the exemption applicable to non-school property taxes to $150,000 in 2027 and $250,000 in 2028.

Beginning in 2029, that amount would receive annual inflation adjustments.

That's an important distinction: this proposal doesn't simply reduce the taxable value used for every part of your property tax bill. The expanded exemption applies to the non-school portion.

02 • WHAT ABOUT SCHOOLS?

The Expanded Exemption Would Not Apply to School Taxes

This is one detail that's easy to miss when you hear "$250,000 homestead exemption."

The additional exemption would apply to non-school property taxes. It would not eliminate the portion of the property tax bill that supports schools.

So if Amendment 3 passes, don't expect to simply take $250,000 off your home's assessed value and calculate the entire tax bill from what's left. Florida property taxes have different taxing authorities and exemptions, which is why the actual savings would vary by property and location.

03 • RENTALS & SECOND HOMES

There's Another Change That Has Nothing to Do With Homestead

This part may be particularly relevant for Brevard County owners with investment properties, vacation homes or other non-homesteaded real estate.

Florida currently limits annual increases in the assessed value of qualifying non-homestead property to 10%. Amendment 3 would reduce that cap to 5%.

That doesn't mean the property's market value couldn't increase by more than 5%. It means the annual increase in assessed value for property-tax purposes would be subject to the lower cap under the amendment.

04 • WHO COULD THIS AFFECT?

This Isn't Just a Homeowner Issue

05 • THE OTHER SIDE OF THE EQUATION

Property Tax Relief Also Means Less Local Tax Revenue

This is where the discussion gets more complicated than simply asking whether someone would like a smaller property tax bill.

Florida Realtors supports Amendment 3 and argues that the proposal would provide property-tax relief and make ongoing homeownership more affordable.

Opponents, including public-safety organizations, have raised concerns about the effect lower property-tax revenue could have on local government budgets and services such as law enforcement, fire protection and emergency response.

That's worth understanding because both sides of the equation matter: what property owners pay and what local governments can fund with that revenue.

06 • BEFORE ELECTION DAY

Read the Amendment, Not Just the Ads

There's a reason I'm saying that literally.

Earlier ballot language for Amendment 3 was challenged in court, and a Leon County judge found portions of the wording misleading and insufficiently neutral. The attorney general subsequently rewrote the title and summary that voters will see.

The proposal remains on the November ballot.

Whatever your opinion of the amendment, this is one of those ballot questions where understanding exactly what changes, what doesn't and when each provision would take effect is much more useful than relying on a campaign slogan.

Liz Street · LPT Realty · Serving Brevard County and Florida's Space Coast · License #SL3577396