Florida voters approve Amendment 3 to raise homestead exemption to $250,000 by 2028

Florida voters approved Amendment 3 on November 3, with about 62 percent support, exceeding the 60 percent threshold needed to pass. The measure will increase the homestead exemption from $50,000 to $150,000 in 2027 and to $250,000 in 2028, with the amount rising with inflation beginning in 2029.

The larger exemption applies only to non-school property taxes and to a homeowner’s primary residence. The existing $25,000 homestead exemption for school taxes remains in place, so homeowners will continue paying those taxes.

“Florida’s economic structure is about to dramatically change.”

Amendment 3 also tightens the annual assessment cap for non-homestead properties, such as second homes, apartment buildings, businesses, and many rentals. Property appraisers previously could raise assessed values by up to 10 percent a year; the amendment lowers that cap to 5 percent.

Homeowners who maintained a permanent Florida residence by December 31, 2026, qualify for the larger benefit as it phases in. People who establish residency after that date will initially receive the existing $50,000 exemption, adjusted for inflation beginning in 2028, and become eligible for the larger exemption in their fifth year of receiving it.

Starting in 2030, counties and municipalities can vote to shorten that waiting period if they determine there is a critical local need. Governor Ron DeSantis said previously he would call the Legislature into a special session to pass implementing laws, but had not done so as of the reporting date.