Florida voters approve Amendment 3 – Jacksonville Daily Record

Florida voters approve Amendment 3  Jacksonville Daily Record

The ballot measure will cut property taxes for many homeowners and reduce revenue for local governments. In a vote that will reduce property taxes for millions of Florida homeowners while simultaneously forcing local governments across the state to contend with losses of billions of dollars of that tax revenue, Floridians approved a constitutional amendment on Nov. 3 to raise the state’s homestead exemption. Amendment 3 passed with 61.98% of the vote, according to the state Division of Elections. That is nearly 2% above the threshold the amendment needed for approval. The amendment will increase the homestead exemption on residential property taxes from $50,000 to $150,000 in fiscal year 2028 and $250,000 in FY29.

It also will limit year-over-year increases in assessed value for nonhomestead properties to 5%, a decrease from 10%, and direct state lawmakers to eventually eliminate homestead property taxes. According to the Florida Association of Counties, the result will be reductions in nonschool property tax revenue of $303.04 million in Duval County, $109.38 million in St. Johns County, $60.9 million in Clay County, $40.09 million in Nassau County and $4.01 million in Baker County in FY29. “The voters have spoken and we respect their decision,” Jacksonville Mayor Donna Deegan said in a statement. “The necessary adjustments will be made in collaboration with the community and City Council in