Property Taxes · Tampa Bay Resource
Property Taxes · Tampa Bay Resource
Florida voters approved Amendment 3 on November 3, 2026 by approximately 62 percent. Its official title is "Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments," and it is a property tax change that affects homeowners, snowbirds, and investors alike. Here is a plain-English look at what it does and what it could mean for you.
The amendment makes four changes to how Florida properties are assessed and taxed. Each one is short on its own, but together they reshape the annual tax picture for many property owners.
For non-school taxes, the homestead exemption rises to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation in later years. A $25,000 exemption continues to apply to school taxes.
The annual cap on assessment increases for non-homestead properties (second homes, rentals, commercial) drops from 10 percent to 5 percent.
People who are not Florida residents as of December 31, 2026 will receive the existing homestead exemption, with the increased exemption beginning in the fifth year of the exemption, to the extent permitted by the U.S. Constitution.
The changes begin with the 2027 tax roll.
For primary homeowners, the bigger exemption means meaningful savings on their tax bill.
For investors and second-home owners, the lower 5% cap slows annual assessment growth.
Snowbirds should pay attention to the residency timeline, because it changes when the increased exemption applies.
This is an informational summary, not tax or legal advice. Consult your tax professional for your specific situation.
Whether you are shopping now or planning to buy a Tampa Bay home in the next couple of years, Amendment 3 changes how you should think about property taxes.
If you live in the home and claim a homestead exemption, the larger exemption (up to $250,000 for non-school taxes by 2028) reduces the taxable value, which lowers the annual property tax bill. That savings is a real budgeting line item to factor into your monthly ownership costs.
The changes begin with the 2027 tax roll. Get a realistic property tax estimate for the home you are considering rather than relying on the seller's current bill, which may reflect older exemptions.
The residency timeline matters. Buyers who are not Florida residents as of December 31, 2026 get the existing homestead exemption, with the increased exemption beginning in the fifth year of the exemption. If you plan to homestead or split your time between states, understand these rules before counting on the bigger exemption.
Non-homestead properties (rentals, second homes) get the lower 5% annual assessment cap instead of 10%. That slows how fast the tax basis grows, which is useful to understand when modeling long-term holding costs.
Ask Stephanie Howard at Coldwell Banker Realty about a property's current taxes and likely homestead savings when you are touring homes. Then confirm the specifics with a tax professional.
The facts above are drawn from the official state record and the Florida Chamber's overview. Follow the links below to read the details for yourself.
Buying, selling, relocating, or just exploring, Stephanie Howard at Coldwell Banker Realty is here to help you make sense of it all. Reach out anytime.
Stephanie Howard, Realtor® · Coldwell Banker Realty · South Tampa · FL Salesperson SL3440043