Florida Amendment 3 Explained: What a $150,000 Homestead Exemption Means for Tampa, Orlando and Jacksonville Movers

If you're planning a move to Tampa, Orlando or Jacksonville, one date matters more than your closing date: December 31, 2026.

That's the residency cutoff built into Florida's Amendment 3, which voters decide on Nov. 3. This guide is for you if you're still on the way.

What Amendment 3 Would Change

Today, a Florida homestead gets up to $51,411 off its assessed value for non-school taxes. That's a $25,000 exemption on all levies plus an additional $26,411 reflecting CPI adjustments certified by the Florida Department of Revenue (Source: Pinellas County Property Appraiser, July 2026).

If voters approve it, the amendment would:

• Raise the non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments after that (Source: Amendment 3 ballot summary, October 2026)
• Cut the annual assessment cap on non-homestead property, such as rentals and second homes, from 10% to 5% (Source: Pinellas County Property Appraiser, July 2026)
• Leave school taxes and the $25,000 school exemption alone

It needs 60% of the vote to pass (Source: Amendment 3 ballot summary, October 2026). If it fails, nothing changes.

The Residency Date That Sets Your Timeline

The ballot language says people who are not Florida residents on December 31, 2026 get the existing exemption once they qualify, with the larger one starting in their fifth year of exemption, "to the extent permitted by the U.S. Constitution" (Source: Amendment 3 ballot summary, October 2026).

Under that language, newcomers would start with the existing exemption, and the larger exemption would begin with their fifth year of holding a homestead exemption (Source: Amendment 3 ballot summary, October 2026).

That's four years on roughly today's rules.

That constitutional qualifier leaves room for a court challenge, so treat the waiting period as likely rather than settled.

The cutoff is tied to residency, not your closing date. If you genuinely make Florida your permanent home before year-end, the ballot language puts you in the first group even if you rent first and buy later.

Homestead itself still requires owning the home and making it your permanent residence as of January 1, according to the Pinellas County Property Appraiser.

What a $400,000 Homestead Would Save

The exemption removes a flat dollar amount, so savings stop growing once your assessed value clears it. A home assessed at $4 million saves the same as one assessed at $400,000 (Source: Kaufman Rossin, October 2026). A $400,000 homestead in these counties would get the maximum savings below, if millage rates hold. In Orange County, the rate depends on whether the address is inside Orlando city limits or in unincorporated territory.

County (area)	2027 savings	2028 savings	Source
Pinellas (St. Petersburg area, countywide average rate)	about $1,203	about $2,423	Pinellas County Property Appraiser, 2025 millage rates
Orange (City of Orlando addresses)	$1,113	$2,242	Florida TaxWatch tool via ClickOrlando, October 2026
Orange (unincorporated addresses, low end for county)	$457	$921	Florida TaxWatch tool via ClickOrlando, October 2026
Duval (Jacksonville)	$1,121	$2,258	Calculator cited by Jax Today, October 2026

In Hillsborough, Property Appraiser Bob Henriquez told Bay News 9 the average homeowner could see about $2,000 in savings once the proposal is fully implemented (Source: Bay News 9, October 2026). That is an average-homeowner estimate, not a maximum-savings figure, so it isn't comparable to the $400,000 table above.

Two caveats. These figures are illustrations that assume millage rates hold, and actual savings vary by taxing district. And school taxes, about 40% of the average bill, don't change at all (Source: Florida TaxWatch, October 2026).

The 5% Cap and Rental Holding Costs

Rentals and second homes get no homestead exemption under either system. They do get the lower cap, with no residency test.

The 5% limit caps assessed value, not taxes, and school taxes stay uncapped and based on market value (Source: Pinellas County Property Appraiser, July 2026). Orange County and Florida TaxWatch have both said local governments could respond to lost revenue by raising millage rates, adding fees or cutting services.

Those holding costs bite harder with the 30-year fixed rate at 7.40% (Source: Freddie Mac Primary Mortgage Market Survey, week of October 15, 2026). Two-bedroom Fair Market Rents are $1,977 in Tampa, $1,972 in Orlando and $1,658 in Jacksonville (Source: HUD Fair Market Rents, FY2026). A slower-rising tax line helps your margin, but it won't rescue a thin deal.

Why Your Actual Bill Could Differ

Orange County estimates the amendment would reduce county property tax revenue by approximately $165 million in 2027 and $275 million in 2028 (Source: Orange County Government, October 2026).

At the launch of its resource center, Florida TaxWatch declined to publish a personalized savings calculator, citing the chance that cities and counties could change spending or revenue in response. Insurance can also swamp a tax break, so read our guide to Florida's 2027 Citizens flood insurance mandate too.

Your Checklist Before December 31

If Florida is a firm yes, establish residency before the cutoff: driver's license, voter registration and vehicle registration. Kaufman Rossin cautions that a rushed move to Florida can create income tax audit risk in the state you left, and that establishing residency is separate from qualifying a particular property for homestead. Then run your target address through the county appraiser's estimator, compare Jacksonville vs Orlando housing costs or pull Tampa housing market data, and budget your first-year bill under current rules. If Amendment 3 passes and your residency counts, the savings become a bonus instead of a bet.