Florida Amendment 3: What the Property Tax Vote Means for Miami Owners

On November 3, Florida voters decide Amendment 3, the largest property tax change on the state ballot in years. It would raise the homestead exemption on non-school taxes from a 2026 maximum of $51,411 to $150,000 in 2027 and $250,000 in 2028, and cut the yearly cap on assessment increases for second homes, rentals and commercial property from 10% to 5%. A Sun-Sentinel poll of Broward voters published October 2 put support at 53%, short of the 60% the measure needs, and Florida Realtors has now funded the yes side at roughly 33 times the money raised by opponents (WLRN, September 29, 2026).

For Miami owners, whether a tax bill falls depends on whether the property is a homestead. Below: what the measure says, who it helps, who it skips, and a residency clause New Yorkers planning a move should know, because it ties the bigger exemption to living in Florida on December 31, 2026.

For the broader math of moving your tax home south, see our NYC to Miami tax migration guide.

This article summarizes a ballot measure and public reporting. It is not tax or legal advice. Talk to a Florida tax adviser about your own property.

At a glance

• Amendment 3 raises the homestead exemption for all non-school property taxes, now up to $51,411, to $150,000 in 2027 and $250,000 in 2028, then adjusts it for inflation. School taxes keep today's $25,000 exemption.
• Non-homestead property (second homes, rentals, commercial buildings) gets no new exemption. Its annual cap on assessment increases drops from 10% to 5%.
• Anyone who is not a Florida resident on December 31, 2026 starts with the current exemption and gets the larger one beginning in the fifth year of exemption, "to the extent permitted by the U.S. Constitution."
• State economists put the recurring cost to local governments at about $12 billion a year once fully phased in. Miami-Dade projects a $359 million revenue loss in year one.
• It needs 60% of the vote. Recent polls range from 45% statewide (St. Pete Polls) to 63% (Sachs Media, August).

What Amendment 3 Actually Says

The Legislature placed the measure on the ballot through House Joint Resolution 1-F, passed in a June 2026 special session (House 75-26, Senate 30-9). Its first ballot title, "Save Our Homes From Excessive Property Taxes," was thrown out on August 3 by Leon County Circuit Judge David Frank, who called it "clearly and conclusively defective." The state did not appeal and filed new language in mid-August.

The ballot title voters will see is "Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments." The summary does five things:

• Bigger homestead exemption. $150,000 in 2027 and $250,000 in 2028 "for all non-school taxes," indexed to inflation after that.
• Local option to go further. Counties and cities may raise the exemption for their own levies up to full assessed value, under a procedure the Legislature must set. Special districts may do the same with voter approval.
• A residency clause. People who are not Florida residents on December 31, 2026 receive the existing exemption when they qualify, and the increased exemption from the fifth year of exemption.
• A lower cap for everyone else. The annual cap on assessment increases for non-homestead property falls from 10% to 5%.
• Spending limits. Counties and municipalities must use property taxes for listed purposes: public safety, education and schools, infrastructure, natural resources, bond debt service, employee retirement benefits, and operations and administration.

If it passes, it takes effect January 1, 2027. Two other amendments share the ballot (a budget stabilization fund measure and an agricultural property exemption), so check the number when you vote. This is not the 2024 Amendment 3 on marijuana.

Homestead Owners: What Changes and What Doesn't

In 2026 a Florida homestead gets up to $51,411 off assessed value for non-school taxes and $25,000 for school taxes. The first $25,000 applies to all taxes. The additional exemption applies only to non-school taxes and only to value above $50,000, and since 2025 it has been adjusted for inflation, to $26,411 this year (Florida Department of Revenue; Florida TaxWatch). On top of that, Save Our Homes caps the annual increase in a homestead's assessed value at 3% or the change in CPI, whichever is lower, and lets owners carry up to $500,000 of that accumulated benefit to a new Florida homestead (Florida Department of Revenue).

Amendment 3 leaves school taxes alone. Florida TaxWatch estimates school levies make up about 40% of the average property tax bill, so the larger exemption reaches the other 60% or so: county, city and special district taxes. On a Miami condo or house worth several million dollars, a $250,000 exemption is a real but modest share of assessed value. Owners of homes near the median feel it more in percentage terms.

Save Our Homes still matters more for long-held homes. A sale generally resets assessed value to market value the following January 1. A buyer who already has a Florida homestead can bring portability credit to soften that reset, and the exemption then comes off the new assessment.

Second Homes, Rentals and Investors

A pied-à-terre on Brickell or a rental unit in Sunny Isles is non-homestead property. Under current law (Fla. Stat. 193.1554 for non-homestead residential property), its assessed value for non-school levies generally can rise no more than 10% a year, although a sale or major improvements reset it. Amendment 3 would cut the annual cap to 5%.

That slows growth in taxable value, but the bill can still rise because local governments set millage rates, and the measure provides no replacement for the revenue it removes. S&P Global Ratings warned in June, when the governor's version was under debate, of "greater credit pressure" from "a substantial reduction in tax revenues without identifying a replacement source."

Opponents argue the cost shifts toward renters and non-homestead owners. A Florida Housing Coalition report by economist Jared Walczak estimated that if local governments raised rates to replace lost revenue, 2028 taxes would rise by about $406 per apartment and $1,081 per single-family rental (reported by WPTV and FlaglerLive). The estimate assumes local governments replace the lost revenue through higher rates. Each county and city will make that call.

The Money and the Fight

Through September 25, the yes campaign had raised $18 million, all from Florida Realtors. The two opposition committees had raised $537,357 combined (WLRN; Orlando Weekly). The Florida League of Cities, the Florida Association of Counties, the Florida Sheriffs Association and Florida TaxWatch oppose it.

Miami-Dade Mayor Daniella Levine Cava: "Amendment 3 is deceptive. It's being presented as a simple tax cut, but it doesn't eliminate the cost of providing the services that our communities depend upon, it just changes who pays for them." Miami Commissioner Damian Pardo compared it to a payday loan: "You have no idea what the interest is, what the costs are, what the charges are, how it's gonna be treated" (WLRN, September 2, 2026).

Polling is split. Sachs Media found 63% support in August. St. Pete Polls found 45%. The Broward survey by Bendixen & Amandi International for the Sun-Sentinel (September 22 to 27, 918 registered voters) found 53% yes, 20% no and 27% undecided, with support falling once voters heard about cuts to local services.

What Miami Buyers and Owners Should Do Now

1. Know which bucket you are in. Homestead owners who are Florida residents on December 31, 2026 get the bigger exemption as it phases in. Other property gets only the 5% cap. Many cross-border owners have one of each, a homestead in one state and a second home in the other.
2. If you are moving from New York, look at the calendar. The ballot language ties the full exemption to being a Florida resident on December 31, 2026. A new resident after that date starts with today's exemption and waits until the fifth year of exemption for the larger one. The clause carries its own caveat ("to the extent permitted by the U.S. Constitution"), so expect it to be tested. Domicile turns on facts such as where you live, work and vote, and our guide to making Miami your primary residence covers how domicile is established.
3. Remember the January 1 rule. Homestead requires owning the home and making it your permanent residence as of January 1, with the application due March 1 (Miami-Dade Property Appraiser). Close after January 1 and your exemption generally starts with the next tax year.
4. Underwrite rentals on rates, not caps. If you buy to rent, model reassessment to market value the January 1 after closing, then a 10% annual cap (5% if the amendment passes) on non-school levies, uncapped school assessments, and millage rates that can move. Our Miami vs Manhattan closing cost comparison covers the carrying-cost side.
5. Foreign buyers: check eligibility first. Homestead requires permanent residence. Green card holders can qualify. Owners on temporary visas generally cannot, so a foreign buyer's Miami home is usually taxed as non-homestead either way. Structure matters too: see our US estate tax guide for foreign buyers.

Weighing a Miami purchase before or after the vote? Our brokers work alongside Florida tax and real estate attorneys every week. Message us on WhatsApp for a private conversation.

FAQ

What is Florida Amendment 3 on the 2026 ballot?

It is a constitutional amendment placed on the November 3, 2026 ballot by the Legislature. It raises the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, lowers the annual assessment cap on non-homestead property from 10% to 5%, and limits what counties and cities may spend property tax revenue on. It needs 60% of the vote.

Does Amendment 3 lower taxes on a second home in Miami?

Not directly. A second home gets no new exemption. Its ordinary annual assessment increase for non-school levies would be capped at 5% instead of 10%. A sale or improvements can still reset the value, and the bill can still go up if local millage rates rise.

Does Amendment 3 apply to school taxes?

No. The larger exemption covers non-school taxes only. School levies keep the existing $25,000 homestead exemption.

I am moving from New York to Miami in 2027. Do I get the $250,000 exemption?

Under the ballot language, a person who is not a Florida resident on December 31, 2026 receives the existing exemption on qualifying, and the increased exemption beginning with the fifth year of exemption, to the extent the U.S. Constitution permits. A Florida tax adviser can tell you how that applies to your dates.

How much would Amendment 3 cost Miami-Dade County?

The county projects a $359 million revenue loss in the first year. Statewide, the Revenue Estimating Conference puts the recurring cost to local governments at about $12 billion a year once fully phased in.

Whatever the vote, homestead still turns on owning and living in the home on January 1 and filing by March 1.

Related insights

• Millionaire Migration 2026: Where the Wealthy Move
• International Buyers Guide: NYC and Miami
• Miami Condo Market Report

Sources: Florida Department of State, Amendment 3 initiative record (HJR 1-F); official ballot language as published by Fort Pierce Utilities Authority; Florida Policy Institute (June and July 2026); Ballotpedia News (June 3, 2026); WFLX (August 4, 2026); Florida Phoenix (August 6, 2026); WLRN (September 2, 15, 29 and 30, 2026); Orlando Weekly; Sun-Sentinel (October 2, 2026); Fox 13; Sachs Media (August 19, 2026); Florida TaxWatch; Accounting Today and The Bond Buyer on S&P Global Ratings (June 2026); WPTV and FlaglerLive on the Florida Housing Coalition report; Fla. Stat. 193.155 and 193.1554; Florida Department of Revenue CPI homestead exemption notice; Florida Department of Revenue; Miami-Dade Property Appraiser.