Florida Property Tax Exemption Jumps to $150,000 After Amendment 3 Approval

Florida residents approved a major increase to the homestead property tax exemption on Tuesday, giving the measure 62 percent of the vote. This result exceeded the 60 percent threshold required to pass a constitutional amendment. The new law will raise the current $50,000 exemption to $150,000 in 2027 and to $250,000 in 2028. The tax break was championed by Gov. Ron DeSantis, who campaigned for the change for more than a year. He urged voters to act as property valuations surged across the state.

Two other measures failed to meet the 60 percent standard. Amendment 1, which sought to raise the cap on the budget stabilization fund, received only 40 percent support. The fund currently holds a balance capped at 10 percent of the previous year’s general fund revenue. The proposal would have raised that cap to 25 percent. DeSantis, who had previously called the measure foolish, celebrated its defeat on social media. He directed his criticism at former House Speaker Daniel Perez, who had pushed for the reserve fund increase.

Amendment 2 also fell short of the required majority. The measure aimed to exempt specific farm equipment and agricultural property from taxes. It garnered 58.25 percent of the vote, missing the target by less than two points. Had it passed, the change would have generated a tax reduction of between $30 million and $40 million across all 67 counties in the state.

Opposition to the passing amendment came from local government officials and emergency service groups. Firefighters, police officers, and emergency medical technicians argued the tax cut would be too severe for rural counties to handle. They warned that essential services would face cuts if the revenue drop was not managed carefully. Several high-ranking Republican state senators shared these concerns during the campaign season.

Sen. Kathleen Passidomo, a Republican from Naples, noted that the amendment treats all communities the same despite their different needs. She expressed worry that local services residents expect would be reduced. Jeff Brandes, a former Republican state senator, stated that state leaders must manage the financial impact of the vote. He said the governor and the Legislature own the responsibility for handling the consequences of the measure.

The Florida Legislature passed the exemption increase during a special session in June. The bill was sent directly to the ballot without needing the governor's signature. The legislative version modified DeSantis' original recommendation, which called for an immediate jump to $250,000. The final law phases the increase over two years and excludes school districts from the larger exemption tier.

The results are final as of Tuesday night voting counts. The new exemption levels will take effect in 2027 and 2028. Local governments will now plan their budgets around the reduced property tax revenue.