What Amendment 3 can do for current and future homeowners-The Good, bad, and ugly

 

Florida Amendment 3: What Could It Mean for Homeowners?

Florida voters will decide on Amendment 3 this November, a proposal that would significantly increase the homestead exemption on the non-school portion of property taxes. If approved, the exemption would increase to $150,000 in 2027 and $250,000 in 2028.

Potential benefits: For homeowners, the amendment could mean meaningful property-tax savings each year, putting more money back into household budgets. It could also make homeownership more affordable for some Florida families.

Potential concerns:Local governments rely heavily on property-tax revenue to fund services such as police, fire, EMS, roads and other community services. Local officials have warned that reduced revenue could require budget cuts, new fees or other changes to make up the difference.
The impact will likely vary from one community to another depending on local budgets, property values and how local governments respond.

Bottom line: Amendment 3 could provide homeowners with property-tax relief, while also creating financial challenges for local governments that depend on property-tax revenue. Florida voters will ultimately decide whether the potential savings outweigh the potential impact on local services. 

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George Castro, P.A.
REALTOR®

Keyes Company

Realtorcastro.com