For a South Florida homebuyer signing a contract this fall, Florida's proposed property-tax overhaul is too consequential to ignore—and too uncertain to build into a mortgage budget as though it were already law. Amendment 3 will appear on the November 3, 2026 ballot. It would substantially increase the homestead exemption for qualifying primary residences, reduce the assessment-growth cap on non-homestead property and impose new conditions on how local governments use property-tax revenue. None of those changes has taken effect.
The question for a buyer in Miami-Dade, Broward or Palm Beach County is not simply whether the amendment could lower taxes. It is which tax levies would change, whether the owner would qualify, when residency began, and what the county's parcel-specific assessment would look like after a sale. Those distinctions can make a headline savings estimate misleading. This guide separates the proposal from current law and explains how to underwrite both outcomes.
The November 3 decision: what the ballot actually proposes
The Florida Legislature placed the measure on the ballot through CS/HJR 1-F during its June 2026 special session. Under the proposed constitutional text, the exemption for qualifying homesteaded property against non-school property taxes would increase to $150,000 of assessed value in 2027 and $250,000 in 2028, with inflation adjustments afterward. The amendment would require at least 60 percent voter approval and, if adopted, take effect January 1, 2027. It would not abolish all property taxes.
School district levies would remain outside the increased exemption. Non-ad valorem charges, such as certain assessments appearing on a tax bill, are also a separate category and should not be assumed to disappear. The measure would additionally permit procedures for counties, municipalities and certain special districts to provide further relief under specified conditions. Those additional possibilities should not be treated as automatic exemptions on an individual parcel.
Homestead is a residency question, not a purchase-price discount
Florida's homestead exemption generally concerns a qualifying owner's permanent residence, not every property owned by a Florida taxpayer. A waterfront second home, a vacation condominium and a unit acquired principally for leasing should not be modeled as though they receive the same homestead treatment as a qualifying primary residence. A buyer's citizenship, mailing address or willingness to pay cash does not, by itself, resolve the property's exemption status. The appraiser must determine eligibility under applicable law.
Amendment 3 includes a particularly important transition rule. Under the proposal, people who were not Florida residents on December 31, 2026 would generally receive the existing exemption upon first qualifying for homestead, while access to the increased exemption would begin in their fifth year of exemption, to the extent permitted by the U.S. Constitution. That language means two buyers purchasing comparable residences in 2027 could face materially different exemption timelines depending on residency facts. It is not a promise that every existing resident will qualify automatically.
For relocating households, the responsible sequence is to establish and document actual permanent residence, ask the county appraiser about eligibility, and then calculate a tax budget using the applicable rules. An early closing or a change of mailing address should not be presented as a guaranteed way to secure the larger exemption. Buyers who split time among states, hold property through entities or have unusual ownership arrangements should obtain individualized advice before relying on a particular classification.
A $500,000 example: taxable value is not the tax bill
Consider a deliberately simplified example: a qualifying home with an assumed $500,000 assessed value held constant across three years. Using the 2026 non-school homestead exemption of $51,411, its illustrative non-school taxable value would be $448,589. Under the proposed $150,000 exemption, that arithmetic would produce $350,000 in 2027; under the proposed $250,000 exemption, $250,000 in 2028. The hypothetical differences are $98,589 and $198,589 of taxable value relative to that baseline—not dollar-for-dollar tax savings.
To translate an exemption into estimated taxes, a homeowner must apply the applicable non-school millage to the change in taxable value. A mill represents one dollar of tax per $1,000 of taxable value. A hypothetical ten-mill non-school rate would turn a $100,000 taxable-value reduction into approximately $1,000 of annual ad valorem savings. That is an arithmetic illustration, not a statement that any particular South Florida municipality charges ten non-school mills. Actual assessments, exemptions, rates and charges vary.
The example also holds assessed value flat solely to isolate the proposed exemption. In reality, taxable values can change because of annual assessments, ownership transfers, portability and other exemptions. School levies are calculated separately, and the final tax bill may contain non-ad valorem charges. A sophisticated buyer should resist combining all those moving parts into one unqualified estimate.
Second homes and rentals: a different proposed benefit
The amendment would also reduce the annual limitation on assessed-value increases for non-homestead properties from 10 percent to 5 percent. That provision is relevant to investors, second-home owners and owners of some commercial properties. Crucially, it concerns the annual increase in assessed value under the applicable non-homestead assessment limitation, not a five-percent ceiling on the property-tax bill and not a reduction in the purchase price or mortgage payment.
The cap generally does not shield a new purchaser from reassessment associated with a change in ownership. A buyer acquiring an investment condominium in Brickell or a second home in Boca Raton should therefore first estimate the property's post-transfer assessment. Only then should the owner evaluate what a prospective annual growth cap might mean in later years. For an asset with rising market values, a lower cap could moderate future taxable-value growth; it cannot guarantee lower total taxes if rates or other charges increase.
Why the seller's tax bill can mislead a buyer
The Miami-Dade Property Appraiser expressly warns that a buyer may temporarily see a previous owner's exemption or assessment limitation in the purchase year, but that the following year's assessment may change when the prior benefits are removed. That warning is particularly important in neighborhoods where long-held waterfront homes, older condominium units and newly renovated properties trade at values far above historic assessments. A listing's current annual tax figure is a historical fact about that owner, not a reliable quote for the next one.
The same logic applies across the three counties. Property taxes are driven by taxable assessed value, applicable taxing authorities and exemptions, not simply by multiplying the agreed purchase price by a statewide percentage. Two homes with identical contract prices can carry different levies because they sit in different municipalities or taxing districts. Even two homes on the same street may have different assessments and exemption histories. Review the parcel's current record, but ask for a forward-looking estimate based on your own ownership and use.
How to check the numbers in Miami-Dade, Broward and Palm Beach
Start with the official county property appraiser rather than a generic online tax calculator. Miami-Dade's Property Appraiser has published a tax estimator that explicitly addresses Amendment 3 as a proposed measure, offers hypothetical 2027 and 2028 projections and cautions that future values and millage can change. The office also says its estimates do not determine a buyer's eligibility for the enhanced exemption. Treat that disclaimer as central to the underwriting process, not as fine print.
Palm Beach County's Property Appraiser has published an Amendment 3 homestead calculator, alongside its parcel search and tax-roll resources. Its tax-roll guidance explains that millage rates are set by taxing authorities, not by the Property Appraiser. For Boca Raton, Delray Beach, Wellington and Palm Beach buyers, this separation helps clarify why a change in an exemption does not establish the final tax bill. The county's parcel-based tool is more informative than assuming that a countywide average rate applies to a specific residence.
In Broward, verify the parcel and exemption record through the official Broward County Property Appraiser, and separately confirm the applicable taxing district and rates. Buyers in Fort Lauderdale, Hollywood, Weston and unincorporated Broward should not treat a city label as a complete description of tax jurisdiction. If a transaction closes late in the year, clarify which tax year, assessment date and homestead application deadline will apply. An attorney or tax adviser can help reconcile closing prorations with the later annual bill.
The policy trade-off is real, even when a buyer is focused on cash flow
Supporters argue that larger homestead exemptions would ease the burden on permanent residents and that a lower non-homestead assessment cap would make ownership costs more predictable. Critics warn that a reduction in local non-school property-tax revenue could constrain services, require other revenue measures or shift budget pressures elsewhere. The proposal also restricts the stated uses of county and municipal property-tax revenue while permitting certain additional expenditures under specified procedures. Those governance provisions are part of the ballot question, not a separate policy debate.
For buyers, this is a reason to analyze both household costs and neighborhood conditions. Local infrastructure, public safety, parks and the quality of municipal administration affect residential life, even if their budget effects cannot be reduced to a simple price forecast. No responsible analysis should assert that Amendment 3 will raise or lower a particular neighborhood's home values before the vote, the implementation details and local budget responses are known.
A practical purchase budget before election day
Underwrite two cases. In the first, assume the current property-tax framework continues and calculate a realistic post-purchase assessment without carrying forward the seller's personal exemptions. In the second, model the proposed amendment only if the buyer's homestead or non-homestead status and residency timeline could qualify. Keep the school-tax component and non-ad valorem assessments separate in both scenarios. Do not reduce a mortgage escrow payment on the strength of a measure that voters have not yet approved.
Then stress-test the budget for possible millage changes, insurance premiums, condominium association costs and special assessments. For a luxury condominium, a lower property-tax projection does not offset weak reserves or a pending building assessment. For a single-family home, property taxes are only one part of annual carrying costs. Buyers should ask their lender and closing professionals to use an appropriate estimate for the property and intended ownership structure, rather than adopting the most favorable hypothetical savings number.
Finally, revisit the calculation after November 3. If the amendment passes, consult the implementing guidance and the county appraiser's updated calculator before treating the proposed thresholds as operative for a particular owner. If it fails, continue using the existing rules. As of October 19, 2026, the correct editorial description is proposed, not enacted. That single distinction protects buyers from a surprisingly expensive assumption.
Primary sources and verification
Florida Legislature, CS/HJR 1-F and legislative history: https://www.flsenate.gov/Session/Bill/2026F/1F . Florida Division of Elections, constitutional amendments and ballot materials: https://dos.fl.gov/elections/forms-publications/publicationsreports/ . Miami-Dade Property Appraiser, tax estimator and Amendment 3 assumptions: https://apps.miamidadepa.gov/PAOnlineTools/Taxes/TaxEstimator.aspx . Palm Beach County Property Appraiser, tax-roll and millage guidance: https://pbcpao.gov/tax-roll.htm . Florida TaxWatch, 2026 constitutional amendment guide: https://floridataxwatch.org/the-florida-taxpayers-guide-for-the-2026-constitutional-amendments/ .
Methodology: This article relies on published legislative text and county property-appraiser guidance available as of October 19, 2026. The three graphics are original explanatory charts using stated statutory thresholds and illustrative arithmetic. No MLS transactions, deed transfers, closed sales or parcel-level tax quotes were used; no MLS or deed crosscheck was required. This article is general educational reporting, not legal, tax or voting advice.