Article Courtesy of The Realtor

By Tristan Navera

Published November 6, 2026

Florida voters are projected to approve a measure that would reform the state's property tax system, increasing the homestead property tax exemption and reducing the tax bill for some households.

Byron Donalds, a GOP representative projected to win the election to replace the term-limited DeSantis, supported the measure. His opponent, Democrat David Jolly, did not. AP projects that Donalds will win the governor's race.

"In a state where homeowners insurance premiums are growing quickly due to climate concerns, which in turn drives HOA dues higher as well, any relief from the annual carrying costs of owning a home in Florida is welcome," says Realtor.com senior economist Joel Berner.

Berner notes that the median listing price in Florida fell 3.5% year over year in September and the number of homes for sale fell 9.6% from last year.

"Buyers and sellers are opting out of participation in the market as affordability constraints keep deals from going the distance at prices both parties can agree upon," the economist says.

On Tuesday night, Florida Realtors® President Chuck Bonfiglio Jr. said the result proved "Florida homeowners chose property tax relief."

"At a time when families are paying more for housing, insurance, groceries and everyday necessities, voters seized the opportunity to keep more of their own hard-earned money, taking a meaningful step toward making Florida a more affordable place to buy, own and keep a home," he said in a statement to Realtor.com.

"Florida Realtors was proud to stand with homeowners in supporting Amendment 3. We have worked with state and local leaders for decades to reduce barriers to homeownership, and we look forward to building on that partnership as Florida puts this relief into place responsibly, without compromising the essential services our communities depend on.”
Change in property taxes

The MidFlorida Credit Union estimated in 2024 that the average homeowner in the state pays around $2,338 a year in property taxes. In more expensive areas like Miami-Dade County and Palm Beach County, taxes can be significantly higher.

DeSantis argued that the measure would provide much needed financial relief for homeowners. Opponents argued the reduction in property tax revenue would have a deleterious effect on local governments.

Florida does not have an individual income tax or estate taxes, creating a limited pool of money for local governments to fund with. State economists had argued that the measure would wipe out nearly a quarter of all funding for local governments and deprive schools of billions in local revenue, hitting smaller counties especially hard.

In August, a circuit court judge ruled that the bill's original title, "Save Our Homes From Excessive Property Taxes," was "clearly and conclusively defective" and "more akin to a political slogan" than a neutral statement. The judge also dinged the bill for including "factually inaccurate" language and ordered that ballot language be amended prior to the midterm election.

Florida Attorney General James Uthmeier then changed the name of the proposed amendment to the "Homestead Tax Exemptions, Property Assessments, and Spending Restrictions Amendment" and revised the language that ultimately appeared on the ballot.

Amendment 3's impact

A model by the National Association of Realtors® found cutting property taxes by $200 a month lowered the income needed to afford the median-priced Florida home from about $133,800 to $125,200—a move that would put roughly 242,000 additional households above the affordability threshold.

NAR estimates that about 93,500 additional households under 45—including roughly 40,000 younger renters—could afford a starter home.

Florida homeowners might be thinking of more immediate relief, though. The state has some of the highest homeowners association fees in the country. It is also a center of the nation's property insurance crisis.

Florida Realtors' political action committee put $18 million into a "Vote Yes on 3" campaign, according to WPTV, significantly outraising its opponents. In a previously published op-ed to Realtor.com, Bonfiglio denied that the measure necessarily meant cuts to public services.

“Voting yes on Amendment 3 is Step 1, where Floridians decide that homeowners deserve this relief. But we can't forget about Step 2: implementation, where communities will work through how to deliver that relief while keeping public safety and core services first,” he wrote.

Meanwhile, opponents argue that such a measure would increase costs for public services, and that the measure privileges the desires of homeowners over non-homeowning citizens. An analysis published by the Florida Housing Coalition found that an estimated $1.61 billion in property taxes could be shifted to rental homes in 2028, growing to $2.19 billion by 2031.

"There's a small segment of homeowners that will benefit from this," Mike Weinstein, Jacksonville's chief administrative officer and a former state legislator, told NPR. "But the majority of people—renters, business owners, everyone else, and even many homeowners—won't see any benefit from this amendment at all."