Florida voters approved Amendment 3 on November 3, 2026 with about 62% of the vote. It takes effect January 1, 2027.
Here's what changed — and what it means for your monthly payment.
What Changed
Your homestead exemption is split into two parts:
• School taxes: $25,000 exemption — no change
• Non-school taxes (county, city, special districts): Jumps from about $51,411 today to $150,000 in 2027 and $250,000 in 2028, then adjusted for inflation starting in 2029.
The new amount replaces the old one, it doesn't stack on top of it.
Amendment 3 also lowers the annual assessment cap for non-homestead property — second homes, rentals, commercial — from 10% to 5%.
The December 31, 2026 Rule That Matters Most
Were you a Florida permanent resident on Dec. 31, 2026? You get the full schedule — $150K in 2027, $250K in 2028 — as soon as you buy and qualify for homestead.
Become a Florida resident on/after Jan. 1, 2027? You start at the old ~$50,000 non-school exemption and don't get the expanded exemption until your fifth year of homestead.
To get homestead on your 2027 bill, you must own and live in the home as your permanent residence on Jan. 1, 2027 and file by March 1, 2027.
If you're moving from out of state, talk to your CPA/attorney this week about establishing residency — it could be worth thousands.
Tampa Bay Savings Math
Formula: Extra Savings = (New Exemption - Old Exemption) x Your Non-School Millage Rate
Most Pinellas and Hillsborough homeowners pay about 11 to 13 mills in non-school taxes. Using 12 mills as an average:
$400,000 Assessed Value Home in Tampa / St. Pete:
• 2027: Extra exemption $98,589 x 0.012 = ~$1,183/year (~$99/mo)
• 2028: Extra exemption $198,589 x 0.012 = ~$2,383/year (~$199/mo)
The savings are the same for a $600,000 home, because the exemption itself is capped. Your exact number depends on your assessed value, city, and TRIM notice.
What About Escrow?
Your lender bases escrow on your current bill. When the lower November 2027 bill comes in, most servicers will do an escrow analysis and either lower your monthly payment or issue a refund/credit in early 2028. Call your servicer after you get your TRIM notice in August.
Should You Wait Until 2028 to Buy?
No — if you buy now, you lock in today's price, start building equity, and you still get the $150K in 2027 and $250K in 2028. Waiting means another year of rent for the same exemption you'd get anyway.
I'm not a CPA or tax advisor. This is an estimate based on published millage ranges. Confirm your exact savings with your tax advisor and property appraiser.
Want me to run your exact number? Message me your home's assessed value and city, and I'll run it for you.
Brian Baker, REALTOR®
Keller Williams St. Pete Realty | Arrivato Homes Group
727-605-4433
brianwillsellyourhome@gmail.com
Let's find your next home — click here: https://www.stellarmls.com/real-estate-agents/st.-petersburg-fl/brian-baker-f62cd4a932ed32c2
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