Florida’s midterm elections on November 3, 2026 resulted in the passing of Amendment 3, a constitutional amendment also known as “Save Our Homes from Excessive Property Taxes.” The law passed with 62% favorable votes (60% needed), giving state residents the possibility to apply as homesteaders and receive the new benefits starting January 1, 2027.
Read on to learn more about Amendment 3, its origins, and what it means for Florida homeowners.
— The Context Shaping Florida’s Property-Tax Shifts
Phil Roeder from Des Moines, IA, USA, CC BY 2.0, via Wikimedia Commons
Floridians passed Amendment 10 in 1992, which limited assessment caps to either 3% or the change in the Consumer Price Index. Earlier this year, Governor DeSantis proposed Amendment 3 to reduce local property taxes, which had nearly doubled in the past seven years.
— What Florida’s Amendment 3 Means for Miami Condo Buyers
Amendment 3 raises the non-school-district property-tax exemption from $50,000 to $150,000 starting in 2027 and to $250,000 in 2028, followed by yearly adjustments based on the inflation index. By initial estimates, Florida Amendment 3 could save the average homeowner $1,300 in the first year and about $2,600 in the second year.
Non-homestead owners (those with rental properties or vacation homes in Florida) will get a partial benefit from Amendment 3, with future home-assessment caps reducing from 10% to 5% with no changes to portability. While this is a positive reduction, it’s expected for the state to compensate for lost property-tax revenue in other areas.
How to Qualify: Deadlines & Next Steps
Florida residents who haven’t applied for the exemption can do so until March 1, 2027, and out-of-state owners must apply for residency by December 31, 2026 to potentially qualify for the exemption in the future.
For homesteaders who already receive the current non-school exemption and new homesteaders who apply by the end-of-year deadline, the new rule will automatically be added to their November 2027 tax bill.
— Florida’s Edge Over High-Tax States
This new rule sharply contrasts what we’re seeing in states like New York, where a pied-à-terre property tax was enacted in July, making Florida an attractive option for primary homeowners, property investors, and high-net-worth individuals.
Citadel CEO Ken Griffin, Meta founder and CEO Mark Zuckerberg, and Amazon founder and former CEO Jeff Bezos have all purchased palatial residences in the Magic City, with Silicon Valley companies also establishing themselves in coveted neighborhoods like Brickell.
— Conclusion
Amendment 3 is set to further strengthen Florida’s reputation as both a hub for wealth preservation and a global destination with year-round sunny weather, water access, and unparalleled lifestyle offerings.
If a relocation to the Sunshine State is on your radar, the Blackbook Properties team is here to help. With over 20 years of experience in Miami’s luxury market, we leverage data-driven insights and deep local knowledge to help you make informed decisions. Call, text, or email us to start the conversation.