A home listed for sale in Southwest Florida. Supporters of Florida's proposed property tax referendum say expanded homestead exemptions could reduce tax burdens for owner-occupied residences.
Florida TaxWatch, an independent, nonpartisan, nonprofit taxpayer research institute and government watchdog, is recommending a “no” vote on Amendment 3 on Florida’s Nov. 3 ballot. The measure would increase the homestead exemption for nonschool property taxes from $51,411 to $150,000 in 2027 and $250,000 in 2028, while reducing the annual assessment cap on nonhomestead property from 10% to 5%. Florida TaxWatch said the measure would provide significant savings to homestead owners but could shift more of the property tax burden to businesses, renters and other nonhomestead properties. The organization also raised concerns about potential service cuts or increases in other taxes and fees. State economists estimate local governments would lose $4.9 billion in property tax revenue in 2027 and $8.7 billion in 2028 at current millage rates, with the five-year impact reaching $45.8 billion.
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