Florida Realtors has launched a campaign urging voters to approve a proposed constitutional amendment that would change how property taxes are calculated for homeowners and other property owners, according to our partners at WJXT News 4 Jax in Jacksonville.

The organization launched its “Vote Yes on 3” campaign ahead of the Nov. 3 general election, encouraging Floridians to support Amendment 3.

The amendment would increase Florida’s homestead exemption for certain non-school property taxes while lowering the annual cap on assessment increases for non-homestead properties.

Florida Realtors says the proposal could provide property tax relief at a time when Floridians are facing higher housing, insurance, grocery and utility costs.

“Affordability is on the forefront for every Floridian, and they need meaningful relief,” Chuck Bonfiglio Jr., 2026 president of Florida Realtors, said in a statement. “We’ve spent years working to help people buy homes. But buying the home is only half the challenge. We also need to make sure families can afford to keep the homes they worked so hard to purchase.”

What Amendment 3 would change

If approved, the amendment would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028.

Beginning in 2029, the exemption would be adjusted annually for inflation.

The amendment would also reduce the annual cap on property assessment increases for non-homestead properties from 10% to 5%.

That provision would apply to properties including rental homes, second homes and commercial properties.

Florida Realtors says the lower cap would provide property owners with greater predictability in their tax bills and could also benefit renters and businesses.

The expanded homestead exemption would apply only to non-school property taxes, meaning school funding would not be affected by that portion of the amendment.

The proposal also would:

• Require the Legislature to create a uniform process allowing counties and municipalities to increase the homestead exemption further, potentially up to a home’s full assessed value.
• Allow special districts to provide additional property tax relief if approved by voters.
• Direct counties and municipalities to use property tax revenue for specified purposes, including public safety, schools, infrastructure, natural resources, debt payments, employee retirement benefits and government operations.

Who would qualify?

The expanded exemption would not immediately apply to everyone who later becomes a Florida resident.

People who are not Florida residents as of Dec. 31, 2026, would initially receive the existing homestead exemption when they qualify. They would become eligible for the expanded exemption beginning with their fifth year of exemption, subject to federal constitutional requirements.

When would the changes take effect?

The amendment will appear on the Nov. 3 general election ballot.

Because it would amend the Florida Constitution, the measure needs approval from at least 60% of voters to pass.

If approved, the changes would take effect Jan. 1, 2027.

Florida Realtors said its Vote Yes on 3 campaign is intended to educate voters about the proposed changes and encourage support for the amendment.