Amendment 3 approved: What it means for major property tax relief, municipal funding concerns

Florida homeowners could soon see significant property tax savings after voters approved Amendment 3, one of Gov. Ron DeSantis' biggest policy priorities.Florida property tax cutsThe amendment increases Florida's homestead exemption to $150,000 next year and $250,000 in 2028. Depending on a home's assessed value and local tax rates, estimates put the potential savings between $1,400 and $2,500 annually.However, the changes could leave cities and counties scrambling to make up for hundreds of millions of dollars in lost revenue.Speaking Wednesday, DeSantis said he wants to make sure local governments don't respond by simply increasing other taxes and fees."We want people to be able to get that but also limiting local governments from just doing an end run around the amendment and taxing them in other ways," DeSantis said.The governor said a taxpayer bill of rights could help protect homeowners.Local budget revenue impactLocal leaders are already considering what the changes could mean f