Florida voters have approved sweeping property-tax breaks that could save homeowners thousands of dollars a year — but out-of-staters looking to cash in on the Sunshine State’s latest perk face a five-year catch.
Amendment 3 passed during the Tuesday midterms with roughly 62% of the vote, clearing the 60% threshold required to change Florida’s Constitution and paving the way for a major expansion of the state’s homestead exemption.
Beginning in 2027, Florida homeowners who qualify for the state’s homestead exemption will be able to shield the first $150,000 of their home’s assessed value from most local property taxes, up from $50,000 today. That tax-free portion will rise to $250,000 in 2028 and increase with inflation beginning in 2029.