Florida voters gave Amendment 3 enough support to pass on November 3, 2026, paving the way for a much larger homestead property tax exemption. If you're planning to buy a Florida home, the December 31, 2026 residency cutoff is important - but it does not mean you must own a home by that date. Here is what prospective buyers should know.
What Does Amendment 3 Change?
The homestead exemption on property taxes other than school district taxes increases to up to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments beginning in 2029. These figures represent exempt assessed value, not cash savings. Actual savings depend on the home's taxable value and local millage rates. School district property taxes are not covered by the expanded exemption.
Why December 31, 2026 Matters
The amendment makes an important distinction based on Florida residency on December 31, 2026. It does not say that a person must already own a house or have a homestead exemption on that date.
For example, someone who has genuinely established Florida as their permanent home by December 31, 2026, but does not buy until 2027 or later, may qualify for the increased exemption once they purchase and establish an eligible homestead. The residency requirement is separate from the property ownership and homestead requirements.
What If You Move to Florida in 2027?
People who are not Florida residents on December 31, 2026 generally receive the existing homestead exemption when they first qualify. Under the amendment, the expanded exemption begins in their fifth year of exemption, to the extent permitted by the U.S. Constitution. This is a five-year homestead-exemption provision, not simply five years after moving to Florida.
How these rules are administered may be clarified by future state guidance or litigation, so get individual eligibility advice from your county property appraiser.
Do You Have to Buy Before the End of 2026?
No, not necessarily. The December 31 cutoff concerns Florida residency, not a mandatory home purchase deadline. You should not rush into a purchase because someone tells you that you must close by year-end to avoid the new waiting period.
There are still reasons to start exploring a purchase now: you can compare available homes, review financing, and understand your potential monthly costs, including taxes, insurance, HOA fees and maintenance.
How Much Could a Florida Homeowner Save?
On a property with sufficient assessed value, the 2028 expanded exemption could protect an additional $200,000 of assessed value from applicable non-school property taxes compared with a $50,000 exemption. That is not $200,000 off the tax bill. The actual annual savings vary by jurisdiction and property.
Amendment 3 also lowers the annual assessment-increase cap on eligible non-homestead property from 10% to 5%, and changes certain rules for local property tax revenue. For a prospective buyer of a primary residence, however, the homestead changes are likely the most relevant part.
Buying in Wesley Chapel, Zephyrhills, or the Tampa Bay Area?
If you are considering buying your first Florida home or moving to a different one, I can help you compare the available options and the full cost of ownership. I work with buyers in Wesley Chapel, Zephyrhills, Land O' Lakes, Dade City, San Antonio and neighboring Tampa Bay communities.
I'm Brad Gordon, a Realtor with Dalton Wade Real Estate Group. Browse local homes for sale or contact me to talk through your plans. Are you thinking about buying your first Florida home, or moving to something different?
Sources and Important Disclaimer
Sources: Florida Division of Elections, unofficial election results; Florida Division of Elections, Amendment 3 ballot summary.
This article is for general information only and reflects our understanding of Amendment 3 as of November 4, 2026. Election-night results are unofficial pending certification. Implementation and interpretation, including residency and homestead eligibility, may change through subsequent legislation, administrative guidance or court decisions. This is not legal, tax or financial advice. Verify current rules and your own eligibility with your county property appraiser and appropriate qualified advisers before making a purchase or tax decision.
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