Florida Realtors invest $10 million in property tax amendment campaign

Florida Realtors has committed $10 million to the ‘Yes On 3’ political committee to support Amendment 3, a proposed constitutional amendment appearing on the November ballot. The measure aims to provide property tax relief by increasing the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments starting in 2029.

Additionally, the amendment seeks to reduce the annual property tax assessment increase cap for non-homestead properties, such as commercial and rental properties, from 10% to 5%. Florida Realtors stated the move is intended to address rising costs for housing and other necessities, providing greater stability for owners and tenants.

The proposal was spearheaded by Governor Ron DeSantis, though the GOP-led Legislature modified the plan to exempt school district property taxes from the increased homestead exemption. Amendment 3 requires 60% voter approval to pass and would take effect on January 1, 2027. The campaign faces opposition from local government officials who argue the tax cuts could limit their ability to fund basic services.