Florida Amendment 3 Explained: What the 2026 Property Tax Vote Means for Miami Homeowners

What is Florida Amendment 3, and what would it change for Miami homeowners?

Florida Amendment 3 is a proposed change to the Florida Constitution that will be on the November 3, 2026 ballot. If at least 60% of voters approve it, the homestead exemption from non-school property taxes would rise to $150,000 in 2027 and to $250,000 in 2028, with inflation adjustments after that. The yearly cap on assessment increases for non-homestead property, which covers second homes, rentals and commercial buildings, would drop from 10% to 5%. School taxes would not change.

By Erika Schell, P.A. | September 2026

Key takeaways

• Florida Amendment 3 raises the non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028. It does not touch school district taxes.
• Under Florida Amendment 3, the yearly cap on assessment increases for second homes, rentals and commercial property drops from 10% to 5%.
• Florida Amendment 3 needs 60% of the vote on November 3, 2026. If it passes, it takes effect January 1, 2027, and the first tax bills that reflect it arrive in November 2027.

I am a REALTOR®, and this article does not tell you how to vote. My clients are asking me what the measure would change for the home they own, the one they are buying and the property they rent out. Below I explain the mechanics in plain numbers, using the official ballot summary and the county property appraisers’ published guidance.

The official name changed in August

The Legislature originally titled the measure “Save Our Homes From Excessive Property Taxes.” On August 4, 2026, a Leon County circuit judge ruled that the title and parts of the summary read like a political slogan rather than a neutral explanation. The Attorney General released rewritten language on August 14, 2026. The title that now appears on the ballot is “Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments.” The substance of the amendment did not change, only how it is described. It is still on the November 3 ballot as Amendment 3.

How the homestead exemption works today, and what Amendment 3 changes

Today, a Florida homestead gets two exemptions. The first $25,000 of assessed value is exempt from all property taxes. A second $25,000, applied to assessed value between $50,000 and $75,000, is exempt from non-school taxes only. For most Miami-Dade homes, that means about $50,000 is shielded from the county, city and special-district share of the bill, and $25,000 from the school share.

Amendment 3 keeps the $25,000 school exemption and replaces the non-school portion with a much larger one:

• January 1, 2027: up to $150,000 exempt from non-school levies.
• January 1, 2028: up to $250,000 exempt from non-school levies.
• 2029 onward: the $250,000 is adjusted each year for inflation.

The Legislature would also be able to let counties and cities raise the exemption further, up to the full assessed value. The amendment sets no timeline for that.

A worked example with Miami numbers

Here is a simple way to estimate what the change could mean for your bill. The math uses assessed value, which is often well below market value for long-time owners because of the Save Our Homes 3% cap.

Take a Doral homestead with an assessed value of $600,000. For illustration only, assume the non-school millage (county, city and special districts combined) is 12 mills, or $12 per $1,000 of taxable value. Your actual rate depends on your city and appears on your TRIM notice.

• Today: about $50,000 of non-school exemption. Non-school taxable value is about $550,000, so the non-school tax is about $6,600.
• 2027 ($150,000): non-school taxable value is about $450,000, so the tax is about $5,400. That is roughly $1,200 less.
• 2028 ($250,000): non-school taxable value is about $350,000, so the tax is about $4,200. That is roughly $2,400 less than today.

Two things follow from this math. First, the savings are a fixed dollar amount tied to the exemption, not a percentage of the home’s value. A $1.2 million home and a $5 million home with the same assessed value above $250,000 save about the same. Second, local governments set millage rates every year. If they raise rates to make up lost revenue, part of the savings goes away. Nobody can promise what the 2027 and 2028 rates will be.

What does not change

• School taxes. The school district share of your bill still gets only the existing $25,000 exemption.
• The Save Our Homes 3% cap on annual assessment increases for homesteads stays in place.
• Portability. You can still move up to $500,000 of your Save Our Homes benefit to a new Florida homestead. Our guide to homestead portability in Florida walks through the calculation.
• Other personal exemptions for seniors, widows and widowers, veterans and people with disabilities are not changed, according to the Pinellas County Property Appraiser’s summary of the amendment.
• Non-ad valorem assessments. Fees such as solid waste, some special districts and CDD fees are not property taxes on value, so the exemption does not reduce them.

If you are moving to Florida: the new-resident rule

This is the part that matters most for relocation buyers. Owners who establish a Florida homestead after December 31, 2026 would not get the larger exemption right away. They would receive a smaller exemption at first and qualify for the full amount starting in their fifth year of keeping the homestead. Owners whose homestead is in place before that date would qualify immediately.

If you are relocating from New York, New Jersey, California or abroad, when you close and file for homestead could affect your property taxes for years. Talk to your tax advisor about your own timing. If you are planning a 2026 move, our Miami relocation guide covers the rest of the process.

Second homes, rentals and investment property

Non-homestead property does not get the larger exemption, but it would get a lower cap. Assessment increases on non-school levies would be limited to 5% a year instead of 10%. For a pied-à-terre on Brickell, a rental in Doral or a small commercial building, that slows how fast the assessment can climb in a rising market.

Critics raise a concern here. If the homestead share of the tax base shrinks and local budgets do not, millage rates could rise, and non-homestead owners would carry more of the bill. The Tax Foundation described the proposal as shifting the burden toward second homes, rentals and businesses. Investors should model both scenarios. If you are weighing a sale or an exchange, our overview of the 1031 exchange in Miami is a useful companion.

The arguments on both sides

Supporters say the amendment gives homeowners real, lasting property tax relief at a time of rising insurance and living costs. They add that the 5% cap gives businesses and owners of non-homestead property more predictable assessments. The resolution also limits remaining property tax revenue to core services such as public safety, infrastructure and education.

Opponents point to the lost local revenue. The Florida Policy Institute estimates about $12 billion a year statewide once fully in place, and the Tax Foundation projects $4.6 billion in the first year and $8.4 billion in the second. Public safety groups have warned about pressure on police, fire and EMS budgets. Opponents also argue that renters and businesses could end up paying more through higher millage rates.

Both positions are held in good faith. Read the ballot language yourself before you vote.

What it could mean if you are buying or selling now

Sellers: the amendment would not change your capital gains, closing costs or portability. If you plan to buy again in Florida, the new exemption would apply to your next homestead as well. Our sellers guide covers pricing and timing.

Buyers already living in Florida: homesteading your next purchase keeps you under the rules for existing residents. Moving within the state does not reset you to “new resident.”

Buyers relocating to Florida: factor the five-year rule into your carrying-cost projections. Do not count on the full exemption in your first years.

All buyers: do not underwrite a purchase on tax savings that depend on a vote. Run your numbers on today’s taxes, and treat any relief as upside. My overview of Miami luxury real estate taxes and the homestead exemption explains how your bill is built today.

Frequently Asked Questions

What is Florida Amendment 3 on the 2026 ballot?

It is a proposed constitutional amendment that raises the homestead exemption from non-school property taxes to $150,000 in 2027 and $250,000 in 2028, indexed to inflation afterward. It also lowers the annual assessment cap for non-homestead property from 10% to 5%. It needs 60% approval on November 3, 2026.

Does Florida Amendment 3 eliminate property taxes?

No. School district taxes stay in place, and homes assessed above the exemption still pay non-school taxes on the remaining value. The amendment would allow the Legislature to let local governments exempt more value in the future, but it sets no timeline for that.

Does Amendment 3 change the Save Our Homes 3% cap or portability?

No. The 3% annual cap on homestead assessments and portability of up to $500,000 continue as they are today.

When would homeowners see lower tax bills?

If approved, the changes take effect January 1, 2027. The August 2027 TRIM notice would be the first to show them, and the tax bill mailed in November 2027 would be the first to reflect the new exemption.

I am moving to Miami in 2027. Do I get the $250,000 exemption?

Not right away. Under the amendment, owners who establish homestead after December 31, 2026 receive a smaller exemption at first and qualify for the larger one starting in their fifth year. Confirm the details with the Miami-Dade Property Appraiser and your tax advisor.

Want to see what it means for your home?

I can pull your current assessed value and the millage for your city, and estimate your bill under today’s rules and under Amendment 3, for the home you own or the ones you are considering. Reach out through the contact page or call (786) 801-4442. I work in English and Spanish, and there is a Spanish version of this guide.

About Erika Schell, P.A.
Erika Schell is a Luxury Certified REALTOR® with The Keyes Company, affiliated with Forbes Global Properties, and an 8-time Top Producer at Keyes Doral serving buyers, sellers, and investors across Miami-Dade County. Florida Real Estate License #3366404. With a Master’s in Finance and more than 20 years of corporate experience, Erika brings the precision of a financial analyst to every luxury transaction. This article is general information, not tax, legal or voting advice. Sources: Pinellas County Property Appraiser, Amendment 3 FAQ; Florida Senate, HJR 1-F; Miami-Dade Property Appraiser.