Florida voters approve property-tax amendment

Florida voters approved Amendment 3, a constitutional change that will expand the homestead property-tax exemption, after the measure received about 62% support, above the 60% threshold required for passage, according to reported election results. The amendment increases the exemption for eligible primary residences on nonschool property taxes from $50,000 to $150,000 in 2027 and $250,000 in 2028, with later inflation adjustments. It also lowers the annual cap on assessment increases for nonhomestead properties from 10% to 5%. The measure is set to take effect January 1, 2027. The enhanced exemption is limited to eligible residents established in Florida before December 2026. People who move to the state after December 31, 2026, must wait five years to qualify for the increased exemption; the existing exemption of up to $50,000 remains available in the interim. Gov. Ron DeSantis, who advocated for the measure, and other supporters described it as property-tax relief for homeowners. Florida Realtors also backed the amendment. Its passage follows years of debate over how to reduce homeowners’ tax bills while local governments continue to fund services through property taxes. The...