Florida voters nearly tripled the homeowner tax break — blowing an $11.8 billion hole in county budgets

From the source

Many Florida homeowners cheered on Nov. 3, 2026, when more than 60% of voters approved a constitutional amendment to significantly reduce property taxes. Under the measure, Amendment 3, a homeowner’s tax break known as a homestead exemption would go from the current US$51,400 to $150,000 in 2027 and increase again to $250,000 in 2028. By shielding more of a home’s assessed value from taxation, this exemption effectively lowers homeowners’ tax bills. New Florida residents who buy a home would also reportedly be eligible for a property tax break, but on a more phased-in basis. But the measure comes with a hefty price tag. The Florida Legislature’s research arm estimated the measure would reduce annual revenue from property taxes by $11.8 billion. This translates to a 30% reduction in revenue for Florida counties and a 13% cut for smaller municipal governments. While homeowners will get some relief, the budget crunch due to the lower tax revenue will affect other Floridians in more…

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