Florida Voters Approve Property Tax Cut, Threatening Local Services and Housing

On Nov. 3, 2026, more than 60 % of Floridians voted for Amendment 3, a constitutional change that triples the homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028. The measure also limits annual assessment increases for rental and commercial properties to 5 %. Florida’s research arm estimates the amendment will slash property‑tax revenue by $11.8 billion, a 30 % cut for counties and 13 % for smaller municipalities. The loss will force local governments to raise other taxes—sales, documentary stamp, or service fees—to cover essential services such as police, fire, and infrastructure. The shift could also push developers toward commercial projects, tightening the state’s already strained affordable‑housing supply and raising rents for renters.