Florida voters have approved Amendment 3, a property tax measure that will significantly expand homestead exemptions for qualifying homeowners while potentially reducing revenue for local governments.

The Associated Press declared Amendment 3 approved at 9:46 pm Tuesday, Nov. 3, with 62% of voters supporting the measure.

With an estimated 98% of votes counted, 4,872,369 voters supported the amendment, while 2,986,360 voted against it, according to AP election results.

Florida constitutional amendments require at least 60% voter approval to pass, putting Amendment 3 above the threshold needed to become part of the state Constitution.

According to the Florida Department of State, the amendment will increase the homestead property tax exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029.

The changes could mean substantial property tax savings for qualifying Florida homeowners, particularly those whose primary residences have higher assessed values.

However, the increased exemption will not apply to school district property taxes, meaning homeowners will still be responsible for those portions of their tax bills.

The amendment also includes a provision affecting new Florida residents. Those who were not residents as of Dec. 31, 2026, will generally have to wait until their fifth year of homestead exemption eligibility to receive the increased benefit, subject to federal constitutional requirements.

Beyond the homestead exemption, Amendment 3 will reduce the annual cap on assessment increases for non-homestead properties from 10% to 5%. It also establishes restrictions on how counties and municipalities can spend property tax revenue.

Lake County Voters Show Strong Support

Lake County voters supported the amendment by an even larger margin than the statewide results.

According to unofficial results from the Lake County Supervisor of Elections, 110,499 voters, or 64.99%, supported Amendment 3, compared with 59,527 voters, or 35.01%, who opposed it. All 92 Lake County precincts had reported.

What It Means for Local Governments

While the amendment could provide significant financial relief to homeowners, it could also create budget challenges for counties and municipalities that depend on property taxes to fund public services.

Amendment 3 could reduce local government property tax revenue, potentially affecting the funding available for services.

Property taxes help support services such as law enforcement, fire protection, infrastructure and other local government operations.

Reducing the taxable value of homesteaded properties could decrease the amount of revenue local governments collect, potentially forcing officials to reconsider budgets, spending priorities or other sources of funding.

For homeowners, the actual savings will depend on factors including their property’s assessed value, applicable exemptions and local tax rates.

Amendment 3 is scheduled to take effect Jan. 1, 2027.

Although AP has declared the measure approved, election results remain unofficial until certified by the state.