Florida Realtors launched a campaign Wednesday in support Amendment 3, the proposed constitutional amendment that would expand homestead property tax exemptions and lower the annual assessment cap on non-homestead properties.
The association’s “Vote Yes on 3” campaign is intended to explain the amendment’s provisions and encourage support ahead of the Nov. 3 general election. Florida Realtors’ Board of Directors voted Aug. 23 to endorse the measure.
Amendment 3 would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029. The expanded exemption would not apply to school district property taxes.
The proposal would also reduce the annual cap on assessment increases for non-homestead properties from 10 percent to 5 percent. That provision would apply to properties including rentals, second homes and commercial real estate.
Florida Realtors President Chuck Bonfiglio Jr. said the association views property tax relief as part of the broader issue of housing affordability, arguing that the cost of remaining in a home is an important component of homeownership.
The amendment would additionally require the Legislature to establish a uniform process allowing counties and municipalities to further increase homestead exemptions, potentially up to a property’s full assessed value. Special districts could also provide additional property tax relief with voter approval.
Florida Realtors said its new campaign website provides information on eligibility, implementation dates and other provisions of the proposal.
Amendment 3 is scheduled to appear on the Nov. 3 ballot. Constitutional amendments in Florida require approval from at least 60 percent of voters. If approved, the measure would take effect Jan. 1, 2027.
