Florida voters decide Amendment 3 on November 3. Passage requires at least 60% approval. The proposal would reduce the annual assessment-growth cap for non-homestead property, including commercial property, from 10% to 5% for non-school levies, effective January 1, 2027 if approved. It would not itself set a lower tax bill for every property.
The enhanced homestead exemption would increase to $150,000 in 2027 and $250,000 the following year for non-school levies. Newly qualifying homeowners would receive the smaller $50,000 exemption during their first four exemption years, with the enhanced exemption available in the fifth. They would not be wholly ineligible for an exemption for five years.
The state Revenue Estimating Conference’s July 10 analysis estimates local-government revenue losses of approximately $4.93 billion in fiscal 2027–28, $8.71 billion in fiscal 2028–29 and $11.83 billion by fiscal 2031–32. Those fiscal-year estimates should not be confused with guaranteed property-level tax increases.
A study commissioned by housing and apartment groups models an average 14.8% increase, approximately $406 per apartment unit annually, in tax year 2028 if local governments replace the lost revenue through millage increases, subject to rate limits. That is a conditional scenario, not an automatic or immediate increase.
A property-tax bill generally equals taxable value multiplied by millage, divided by one thousand. Exemptions affect taxable value, while the assessment cap limits growth in assessed value. For underwriting, test both unchanged millage and a supported revenue-replacement scenario, with the appropriate exemptions and levy types. A lower assessment cap does not guarantee a lower tax bill.
Key Takeaways
- A lower assessment cap does not guarantee a lower tax bill; model the relevant levies, exemptions and millage assumptions.
Florida Senate — Amendment text https://www.flsenate.gov/Session/Bill/2026F/1F/BillText/er/PDF · Florida Revenue Estimating Conference — July 10, 2026 fiscal analysis https://edr.state.fl.us/Content/conferences/revenueimpact/archives/2026F/_pdf/impact0710.pdf · Florida Apartment Association — Amendment 3 https://www.faahq.org/news/amendment3 · Walczak — Amendment 3 impact on renters, September 2026 https://flhousing.org/wp-content/uploads/2026/09/Walczak-Amendment-3-Impact-on-Renters.pdf · Commercial Observer — Florida’s Property Tax Cut Proposal Could Boomerang on Commercial Owners, November 2, 2026
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