ORLANDO, Fla. – Florida voters are casting ballots on Amendment 3, a proposed constitutional change that would significantly reduce property taxes for many homeowners.
The measure faces opposition from dozens of organizations, including sheriffs, firefighters and local government leaders. Florida Realtors, the state’s largest trade association, is backing it with a multimillion-dollar campaign.
Florida Realtors has contributed more than $18 million to the Vote Yes on 3 effort.
Margy Grant, CEO of Florida Realtors, told News 6 that the association represents a broad portion of the state’s population. “I represent almost a quarter of a million people across the state of Florida,” Grant said.
Grant said the campaign’s high price tag reflects Florida’s large population and geographic size.
“Florida’s a big state and we have a lot of voters to educate, and it is absolutely crucial that every single Florida voter, when they go to the ballot box in November, feel confident to vote yes on 3,” Grant said. “And that can be expensive.”
Amendment 3 would make three major changes to Florida’s property tax system.
• Larger homestead exemption. The exemption for a primary residence would increase from roughly $50,000 to $150,000 in 2027 and $250,000 in 2028, with future increases tied to inflation. The change would apply only to non-school property taxes. The school tax exemption would remain $25,000.
• Slower tax increases for rentals and businesses. Taxable values for rental properties, second homes and commercial buildings can currently rise by as much as 10% annually. The amendment would reduce that limit to 5%.
• Delayed benefits for new residents. People who are not Florida residents as of Dec. 31, 2026, would receive the existing exemption once they qualify. They would become eligible for the increased exemption beginning in their fifth year.
Grant said Florida Realtors strongly supported lowering the annual cap for commercial and rental properties.
“Right now that sits at 10%. We were big advocates to get that capped,” Grant said. “That cap will go from 10% to 5% annually. And that will insert predictability for property taxes for those non-homestead owners.”
Grant said property owners could pass those savings along to renters, potentially easing housing costs. However, Amendment 3 would not require landlords to reduce rents.
News 6 also asked Grant how she would respond to local officials concerned that lower property tax revenue could affect police and fire services.
“We have the full faith and confidence that our local officials will implement Amendment 3 successfully, and Floridians will not have a disruption in the quality of life we also enjoy,” Grant said.
Amendment 3 must receive at least 60% of the vote to pass. Election Day is Nov. 3.
If approved, the amendment would take effect Jan. 1, 2027.
Click here for more information about Florida Realtors and the Vote Yes on 3 campaign.
