Florida voters approve Amendment 3, upending property taxes, budget cuts across Florida

Amendment 3 was approved by Florida voters, upending property taxes and budget cuts across the state. The amendment, which takes effect in January, will raise non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028. By late Tuesday night, the measure led with over 60% of the vote, enough for it to pass. Under this amendment, Florida homeowners are expected to save thousands of dollars in property taxes a year, but it will cost local governments billions of dollars.