Florida Amendment 3 Passed: What the New Property Tax Relief Means for Homebuyers in Southwest Florida

On November 3, 2026, Florida voters approved Amendment 3, clearing the 60% threshold a constitutional amendment needs. Early returns put it at about 62%. It is one of the biggest changes to Florida property taxes in years. If you plan to buy a home in Fort Myers, Cape Coral, Naples, Bonita Springs, Sanibel or anywhere else in Lee and Collier County, this is what it means for you.

What Amendment 3 Does

1. A much larger homestead exemption on your primary residence

Today, a Florida homestead exemption takes up about 50,000 off your home's taxable value. Under Amendment 3, the exemption on non-school property taxes grows in two steps:

• January 1, 2027: up to $150,000
• January 1, 2028: up to $250,000
• Starting in 2029: the cap adjusts each year for inflation

The $25,000 exemption on school taxes stays the same. School taxes are not part of the new relief.

2. A lower cap on assessment increases for non-homestead property

For second homes, rentals, commercial property and vacant land, the yearly cap on assessed-value increases drops from 10% to 5%. This applies to non-school taxes only.

3. Save Our Homes and portability stay in place

The 3% (or CPI, whichever is lower) yearly cap on homestead assessments still applies. Portability, which lets you carry your Save Our Homes savings to your next Florida home, does not change.

What Buyers Could Save

Your actual savings depend on your city's millage rate and how the Legislature implements the amendment. Property appraiser estimates give a ballpark:

• 2027: roughly $1,100–$1,300 a year in savings over today's exemption
• 2028 and later: roughly $2,300–$2,600 a year

You'll first see the change on your August 2027 TRIM notice and your November 2027 tax bill.

Why Recent and First-Time Buyers Benefit Most

Long-time Florida homeowners already have a lower taxable value because Save Our Homes has kept their assessments down for years. When you buy a home, the assessment resets to roughly market value. That means new buyers are often the ones in a position to use the full larger exemption. Over the years you own the home, that adds up to real money.

The Key Date for Out-of-State Buyers: December 31, 2026

Most of the buyers I work with are moving to Southwest Florida from another state. For you, this section matters most.

• Become a permanent Florida resident by December 31, 2026: you qualify for the full $150,000 and then $250,000 exemption. Based on property appraiser guidance, this appears to hold even if you buy your home after that date. The Legislature still has to settle the final details.
• Become a resident on or after January 1, 2027: your non-school exemption starts at $50,000 (adjusted for inflation). You can claim the larger exemption only after you've kept a Florida homestead exemption for four years, starting in year five.

If you've been thinking about moving here, establishing residency before the end of the year could make a big difference in what you pay over your first several years in the home.

What It Means for Investors and Second-Home Buyers

If you're buying a vacation home or a rental, you won't get the homestead exemption. You will get the new 5% cap on yearly assessment increases, which makes your future tax bills more predictable. Be aware that some analysts expect local governments may adjust millage rates to make up lost revenue, and that could affect non-homestead owners.

What's Still Being Decided

The Florida Legislature has to pass implementing laws, so some details may change. Open questions include how local governments will handle reduced revenue, possible local options to expand the exemption further, and exactly how timing works for people who become residents in 2026 and buy later.

The Bottom Line for Buyers

Amendment 3 makes owning a primary home in Southwest Florida more affordable over the long term, especially for new buyers who will live in the home. If you're relocating, the timing of when you become a resident now matters more than ever.

Whether you're buying in person or need virtual showings from out of state, I can help you work through the timing, the numbers and the right home. Contact me today to get started.

Josh Bohling | LPT Realty | Southwest Florida

Source Articles

• CBS Miami – Amendment 3 approved
• CBS12 – Amendment 3 passes with 62%
• Manatee County Property Appraiser – Amendment 3 FAQ
• Volusia County Property Appraiser – Amendment 3
• Inman – Florida's proposed property tax amendment