In short: Florida voters approved Amendment 3 on November 3, 2026 with 62.15 percent of the vote. When it takes effect on January 1, 2027, it raises the homestead exemption on non-school property taxes to $150,000, lifts that amount to $250,000 in 2028, and halves the annual assessment cap on non-homestead property from 10 percent to 5 percent.
For owners across Sunny Isles Beach, Aventura, Bal Harbour and Miami Beach, this is the most significant change to Florida property taxes in a generation. The details matter more than the headline, though, and a few of them are easy to misread.
Here is a plain-language guide to what changed, who benefits, and what it means if you are buying or selling a South Florida home.
What Amendment 3 Actually Changes
Formally titled "Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments," the amendment rewrites the non-school portion of the homestead exemption.
- 2027: the first $150,000 of a homestead's assessed value is exempt from non-school property taxes.
- 2028: the exemption rises to $250,000.
- 2029 and later: the amount is adjusted annually for inflation.
- Non-homestead property: the yearly cap on assessment increases drops from 10 percent to 5 percent, also beginning in 2027.
- School levies: unchanged. The long-standing $25,000 school exemption still applies.
One point that is frequently missed: the new figure replaces today's non-school homestead exemption, which is about $51,400, rather than adding to it. The saving is the difference between the two amounts, not the full $150,000 or $250,000.
What It Is Worth in Practice
Because the exemption replaces the existing one, the additional exempt value is roughly $98,600 for 2027 and about $198,600 from 2028 for a homestead assessed at $250,000 or more.
At a non-school millage rate near 9.8 mills, which is close to the median Florida county, that works out to roughly $966 a year more than today in 2027 and about $1,945 from 2028. County rates vary, so the exact figure depends on where the property sits and on the levies that apply to it.
For a homestead assessed at $250,000 or less, the practical outcome from 2028 is that no non-school property tax is owed at all. School taxes and non-ad valorem assessments such as fire fees, solid waste and CDD charges are separate and remain in place.
Who Benefits Now, and Who Waits
The full exemption is available to homeowners who establish Florida permanent residency by December 31, 2026.
- Residents established by that date: the full amount beginning with the 2027 tax year.
- New arrivals after 2026: a $50,000 non-school exemption for their first four years, then the full amount beginning in year five. The $25,000 school exemption applies from day one.
- Local flexibility: from 2030, a county or city may shorten that waiting period by a two-thirds vote for a critical local need.
For anyone considering a move to Florida, the December 31, 2026 residency date is the single most time-sensitive detail in the amendment. It is a planning decision, not a real estate transaction alone, and it is worth a conversation with a tax professional before the calendar turns.
What Does Not Change
- School district taxes and the $25,000 school exemption.
- The Save Our Homes 3 percent cap and portability for existing homesteads.
- Non-ad valorem assessments, including fire, solid waste and CDD fees.
- Your November 2026 tax bill, which is calculated under current law. The first bill that reflects Amendment 3 is the one mailed in November 2027.
The Part Most Headlines Skip
Amendment 3 also constrains how local governments raise and spend. County and municipal property taxes may be used only for listed core purposes: public safety such as law enforcement, fire and EMS; education and public schools; and infrastructure such as roads, bridges and stormwater. The Legislature is also directed to establish a uniform procedure allowing each county and city to raise the exemption against its own levies, in principle up to the full assessed value.
Those provisions are why the amendment is as much a budget decision for local governments as a tax cut for homeowners. The Legislature and local governments will still need to work through implementation, including statutory changes, administrative adjustments and guidance for consistent statewide application.
What It Means for South Florida Buyers and Sellers
In the neighborhoods we work in every day, from Sunny Isles Beach and Aventura to Bal Harbour and Miami Beach, the impact divides along three lines.
Primary residences gain the most. A homesteaded condominium or single-family home will see a smaller non-school tax bill in 2027 and a considerably smaller one in 2028, which improves the true cost of ownership for local buyers and can support resale values over time.
Second homes, rentals and commercial property receive no change to the exemption, since it applies to homesteads only. They do benefit from the new 5 percent cap on annual assessment increases, which is meaningful for owners of investment property and for anyone holding a Florida residence they do not occupy year-round.
Timing decisions now carry a tax consequence. For a buyer planning to make Florida a permanent residence, closing and establishing residency before the end of 2026 preserves the full exemption. For sellers, the change is likely to become part of the conversation with out-of-state buyers who are weighing a move.
Practical Steps for the Months Ahead
- Confirm your residency timeline if you are relocating. December 31, 2026 is the line for the full exemption.
- Existing homestead owners do not need to reapply. A granted homestead exemption renews automatically each year.
- Buyers who close in 2027 should file for homestead with the county property appraiser by March 1 of the year after closing.
- Expect the August 2027 TRIM notice to be the first document that shows the new exemption in your numbers.
- If your property is held in a trust, a company or a multi-owner structure, have the eligibility reviewed before you rely on the saving.
The amendment is general in its language, and county property appraisers will be the authority on individual eligibility. For anything specific to your situation, a property tax professional or closing agent should confirm the numbers.
Talk to Brosda & Bentley Realtors
Property tax changes like this one reshape the math behind every purchase, sale and hold decision, and they do not affect every community or every property type in the same way.
At Brosda & Bentley Realtors, we help owners and buyers in Sunny Isles Beach, Aventura, Bal Harbour and Miami Beach understand how policy, pricing and lifestyle intersect in the neighborhoods we know best, from oceanfront condominiums such as Trump Palace, Trump Royale and Bentley Residences to single-family homes and new developments across South Florida.
If you would like to talk through what Amendment 3 means for a property you own or one you are considering, our team is glad to help.
Brosda & Bentley Realtors | Luxury Real Estate Specialists | Sunny Isles Beach, Aventura, Bal Harbour & South Florida
Office: 786-363-8551 | www.brosdaandbentley.com
Sources: Florida Realtors release, November 2026; enrolled amendment text (CS/HJR 1-F) via The Florida Senate; unofficial election results. More at floridarealtors.org.
This article is general information, not tax or legal advice. Implementation details, county millage rates and individual eligibility vary. Please confirm your situation with the county property appraiser and a qualified tax professional.
