Florida voters approved Amendment 3 on November 3, 2026, bringing significant changes to the state's homestead exemption and potentially lowering property taxes for many Florida homeowners beginning in 2027.
If you own a home in Bradenton, Lakewood Ranch, or Parrish—or you're considering making a move to Florida—there are a few important things you should know about how these changes could affect you.
What's Changing?
The biggest change involves Florida's homestead exemption, which reduces the assessed value of your primary residence that is subject to property taxes.
Under Amendment 3, the exemption for non-school property taxes increases substantially:
2026: Up to $51,411 under current law
2027: Up to $150,000
2028: Up to $250,000
2029 and beyond: Up to $250,000, adjusted annually for inflation
It's important to understand that this does not eliminate property taxes. School taxes remain in place, and your actual savings will depend on your home's assessed value, existing exemptions, and local tax rates.
Florida's Save Our Homes assessment cap and portability benefits also remain in place.
Why December 31, 2026 Is an Important Date
One of the most significant details of Amendment 3 is how it treats existing Florida residents compared with those moving to the state after December 31, 2026.
If you're already a permanent Florida resident by December 31, 2026: You may qualify for the expanded exemption beginning in 2027, provided you meet the homestead requirements. Even if you purchase another Florida home later, you can still qualify for the larger exemption.
If you establish Florida residency on or after January 1, 2027: You won't immediately qualify for the expanded exemption. Instead, you'll receive the standard exemption and become eligible for the larger benefit beginning January 1 of your fifth year, after four years with a Florida homestead.
For anyone considering relocating to Florida, this distinction could be an important part of your planning. Because residency involves specific legal and tax requirements, it's worth discussing your situation with an attorney or CPA.
When Will Homeowners See the Savings?
The changes take effect January 1, 2027, meaning your November 2026 property tax bill will not be affected.
Homeowners should begin seeing the impact in their August 2027 TRIM notices, with the first adjusted property tax bills arriving in November 2027.
The exemption increases again in 2028.
Keep in mind that exact savings cannot yet be determined. Florida lawmakers still need to finalize implementing legislation, and local governments establish their property tax rates annually.
What Does This Mean if You're Buying or Selling?
For current homeowners: The expanded exemption could mean meaningful property tax savings, particularly for homeowners whose assessed values allow them to take advantage of the larger exemption.
For Florida residents considering a move: Your existing Save Our Homes portability benefits remain available, and the expanded exemption may provide additional savings on your next primary residence. It's worth reviewing the numbers before deciding to upsize, downsize, or relocate.
For buyers relocating from another state: Timing may matter more than ever. Understanding the December 31, 2026, residency distinction can help you make informed decisions about your move.
For second-home and investment-property owners: These properties do not qualify for homestead exemptions. However, Amendment 3 also reduces the annual assessment growth cap for non-homestead properties from 10% to 5% for non-school tax purposes, potentially providing benefits over time.
A Few Important Things to Remember
While Amendment 3 could offer substantial savings, there are a few misconceptions worth clearing up.
Property taxes are not going away. School property taxes still apply.
Not every homeowner will receive the same savings. Your assessed value, exemptions, and local tax rates all play a role.
HOA fees and non-ad valorem assessments, including certain CDD fees, are not reduced by the homestead exemption.
Final implementation details and actual tax savings are still subject to additional legislation and local tax decisions.
Planning Your Next Move?
Whether you're thinking about buying your first Florida home, relocating to the Sunshine State, or making a move within Bradenton, Lakewood Ranch, or Parrish, understanding how these changes affect your overall housing costs is an important part of the process.
The key is looking at the complete picture—not just potential property tax savings, but also home values, financing, and your long-term goals.
If you're considering a move, we'd love to help you explore your options and make a plan that works for you. No pressure, no obligation—just a conversation.
Disclaimer: This article is provided for general informational purposes based on information available as of November 4, 2026. We are licensed real estate agents, not tax, legal, or financial advisors. Amendment 3 implementation details may change as additional legislation is adopted. Please consult your attorney, CPA, or county property appraiser regarding your specific circumstances.
Sources: CBS12; Manatee County Property Appraiser Amendment 3 information and FAQ; ClickOrlando.