Florida voters considered a major change to the state’s property tax system on November 3, with Amendment 3 proposing a substantial increase in the homestead exemption for qualifying homeowners.
Under the amendment, the exemption for non-school property taxes would increase to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments beginning in 2029.
For homeowners with an existing Florida homestead exemption, that could mean a significant reduction in the taxable value of their primary residence.
However, there are several important details to understand.
School district property taxes would not be reduced by the increased exemption, and the changes would not affect 2026 property tax bills.
New Florida residents who were not residents by December 31, 2026, would generally have to wait until their fifth year of homestead eligibility to receive the increased exemption.
The amendment would also lower the annual assessment increase cap for non-homestead properties from 10% to 5%.
While homeowners could see tax savings, local governments have raised concerns about reduced property tax revenue and its potential impact on public services.
For homeowners throughout Sarasota, Manatee County understanding how these changes apply to individual properties will be important.
Thinking about a move in Sarasota or Manatee County?
Search homes