Florida Amendment 3 faces passage hurdles amid warnings of tax revenue losses

Florida’s proposed Amendment 3, which seeks to increase the residential homestead tax exemption to $250,000 over the next two years, faces significant hurdles for passage. A poll by McLaughlin & Associates for the Associated Industries of Florida indicates that while 53% of likely voters support the measure, it currently falls short of the 60% threshold required for constitutional amendments in the state.

Local officials are warning of severe fiscal consequences if the amendment passes. In Lee County, commissioners are projecting a loss of approximately $126 million in property tax revenue in the first year and over $240 million in the second. Commissioner Kevin Ruane noted that such a loss could lead to widespread cuts in public services, including public safety, transportation, libraries, and EMS, as well as potential job losses.

The amendment would also reduce the annual assessment increase cap on non-homestead properties from 10% to 5%. Polling shows support varies by demographic, with higher approval among Republicans (68%) and older voters, while support is lower among Democrats (32%) and voters under 30 (36%).