Florida’s Tax Cut Passed. Now What?

Florida voters approved Amendment 3 last night with about 62% of the vote, clearing the 60% required to pass. Here’s what it means for you as a homeowner.

For qualifying primary residences, the homestead exemption for property taxes outside of school taxes increases to $150,000 in 2027, then $250,000 in 2028. That means a larger portion of your home’s assessed value will be exempt from those taxes. The exemption will adjust for inflation starting in 2029.

Your current tax bill does not change. The benefit starts with the 2027 tax year. This amendment does not reduce school taxes or charges such as trash collection. Your actual savings will depend on your assessed value, local tax rates, other charges on your bill.

For second homes or rental properties, the annual cap on assessed value increases drops from 10% to 5% for taxes outside of school taxes. That helps limit future increases in taxable assessments. It does not mean your total tax bill can only rise 5%.

If you already have homestead, you do not need to reapply as long as you remain eligible. If you haven’t filed, the standard deadline for 2027 is March 1, with ownership established by January 1 on a home you use as your permanent residence. You can apply through the Palm Beach County Property Appraiser.

There’s an important distinction for people moving here: the larger exemption applies to qualifying homeowners who are Florida residents by December 31, 2026. People establishing residency afterward generally become eligible for the larger benefit in their fifth year of receiving homestead exemption, subject to constitutional requirements.

If you’ve been thinking about selling your Jupiter home heading into 2027, reply “value” for a free update on what your home could sell for in today’s market.