Florida Amendment 3: What Tampa Bay Buyers and Sellers Need to Know

What does Florida's Amendment 3 mean if you're buying or selling a home in Tampa Bay?

Amendment 3, on the November 3, 2026 ballot, would raise the homestead exemption for non-school property taxes from about $50,000 to $150,000 in 2027 and $250,000 in 2028, and cut the annual assessment cap on non-homestead property from 10% to 5%. It needs 60% of the vote to pass. For a homesteaded Tampa or St. Petersburg home, that works out to roughly $2,000 to $2,500 a year in savings once fully phased in, and the same dollar amount whether the home is worth $600,000 or $6 million. Second homes, investment condos, and LLC-owned property get no new exemption. Anyone who becomes a Florida resident on or after January 1, 2027 keeps today's $50,000 exemption for four years before the larger amount kicks in, so the December 31, 2026 residency date matters more than the closing date for relocating buyers.

Some Tampa Bay sellers are holding their listings until after Election Day. Some relocating buyers are asking whether they need to close before New Year's. Property appraisers' phone lines are busy, and the online calculators that claim to estimate your savings don't agree with each other.

Here's what Amendment 3 actually does, what it doesn't do, and how it should (and shouldn't) change your plans if you're moving a $750,000-to-$5 million home or condo in Tampa Bay this winter. This post doesn't tell you how to vote. It tells you what changes if the measure passes, so your decision holds up either way.

What Amendment 3 changes, in plain numbers

Florida's homestead exemption today is worth about $50,000 off your assessed value. Precisely, it's $51,411 in 2026: $25,000 that applies to every taxing authority, plus $26,411 that applies to everything except school district taxes.

If Amendment 3 passes, the non-school portion grows in two steps:

• January 1, 2027: up to $150,000 of assessed value exempt from non-school taxes
• January 1, 2028: up to $250,000 exempt from non-school taxes
• 2029 and after: the $250,000 figure adjusts annually for inflation

School taxes are untouched. You'd still pay the school board levy on everything above the first $25,000, and school taxes are a meaningful share of a Tampa Bay bill. Non-ad valorem charges on the same bill (stormwater fees, solid waste, CDD assessments) aren't covered either.

Two things people assume would change don't. The Save Our Homes cap that limits assessed-value increases on a homestead to 3% a year or CPI, whichever is lower, stays as is. Portability stays as is, so a Palma Ceia owner carrying $400,000 of Save Our Homes savings into a Davis Islands purchase still moves it the same way.

For property that isn't your homestead (a second home at Saltaire, a rental unit at SkyPoint, a vacant lot in Sunset Park), the only change is that the annual cap on assessment increases drops from 10% to 5%. That cap applies to non-school taxes only, it still resets to market value when the property sells, and it slows assessment growth rather than cutting the bill.

The amendment also directs the Legislature to create a process that would let counties and cities exempt the rest of a homestead's assessed value in the future. That's a door being opened, not a change that happens automatically.

Timing: if approved, the measure takes effect January 1, 2027. You'd first see it on your August 2027 TRIM notice and your November 2027 tax bill. The bill that arrives next month is unaffected either way.

What it's worth on a Tampa Bay home

The savings are a flat dollar amount tied to your local non-school millage, not a percentage of your home's value. That's the part luxury owners tend to miss.

Hillsborough County Property Appraiser Bob Henriquez has said the average county homeowner would save about $2,000 a year once the exemption is fully phased in. The math for a city-of-Tampa homestead gets you to a similar place: the extra $198,589 of exemption (from $51,411 to $250,000) multiplied by the city's 6.21 mills and the county's 5.36 mills alone is roughly $2,300, before the smaller countywide levies. A St. Petersburg homestead, at the city's 6.45 mills and Pinellas County's 4.50 mills, lands in the same range.

Three things follow from that:

1. A $4 million Bayshore Beautiful home saves the same dollars as a $400,000 home. The exemption doesn't scale. At the price points most of my clients transact in, Amendment 3 changes the annual carry by a fraction of one percent of the home's value.
2. It won't zero out a luxury bill. Henriquez has been direct that "you will still receive a property tax bill each year." Homes assessed under $250,000 could see non-school taxes disappear; a home assessed at $1.8 million will not.
3. Your actual number depends on your taxing district. Unincorporated Hillsborough, the city of Tampa, St. Petersburg, and the beach communities all levy different rates. The property appraisers say they'll update their tax estimators for both resident scenarios if the measure passes. Until then, enter your assessed value (not market value) into any calculator you use, and don't compare against a total bill that includes school taxes.

If you're newly relocating, my post on how Florida property taxes work for luxury buyers moving to Tampa Bay covers how the bill resets to purchase price after a sale, which affects you far more than this amendment does in year one.

The December 31 residency deadline for relocating buyers

This is the provision that should get your attention if you're moving here from New York, Chicago, or California.

The larger exemption goes to people who are permanent Florida residents as of December 31, 2026. If you become a resident on or after January 1, 2027, you'd receive a $50,000 non-school exemption (indexed to inflation starting in 2028), and only after maintaining a Florida homestead for four years would the larger amount apply, beginning in your fifth year.

Read carefully, because the deadline is about residency, not closing. According to the Volusia County Property Appraiser's analysis of the amendment, someone who establishes Florida residency by December 31, 2026 but buys a home later still qualifies for the higher amount when they purchase and file for homestead. The gate is where you live, not whether you've recorded a deed.

That has practical consequences:

• Renting first still works. If you're weighing renting before you buy in Tampa Bay, establishing residency in a rental before year-end preserves your eligibility while you shop.
• Residency is a fact pattern, not a form. Florida driver license, voter registration, vehicle registration, a declaration of domicile, and moving your mail and financial accounts are the kinds of evidence appraisers and courts look at. My guide to establishing Florida domicile after buying a Tampa Bay home walks through the checklist.
• A rushed move carries its own risk. Tax advisors at Kaufman Rossin have pointed out that your former state can challenge a Florida domicile claim, and that a homestead filing your facts don't support could create more income tax exposure than it saves in property tax. If you're splitting time between states this winter, talk to your CPA before you talk to your title agent.
• The normal homestead calendar still applies. To get a 2027 homestead at all, you need to own and occupy the home as of January 1, 2027 and file by March 1, 2027. Close in February and your 2027 bill reflects no homestead regardless of Amendment 3; you'd pick up the exemption for 2028.

Some attorneys question whether a waiting period for new residents survives a federal constitutional challenge; the amendment itself applies the rule "to the extent permitted by the U.S. Constitution." Plan on the rule as written and treat any court outcome as upside.

What it means for sellers, second-home owners, and condo buyers

If you're selling a homesteaded home: Amendment 3 isn't a reason to hold your listing. The tax savings a buyer gains are roughly $2,000 a year, which doesn't move an offer on a $1.5 million house. What's actually weighing on Tampa Bay sellers right now is time on market (Redfin put the area average near 70 days in early October) and pending sales running about 6% below last year. Those conditions reward sellers who price to the current market, not sellers who wait for a ballot result. If you're deciding whether to list now or in spring, my post on whether to lower the price on a South Tampa home is the more relevant read.

If you own a second home or an investment condo: You get no new exemption. The 5% cap is modest help in years when values jump, and no help in years when they don't. One lender quoted in June coverage expects the tax burden to shift toward vacation-home and condo buyers over time as local governments look for revenue. That's an argument for understanding your occupancy classification and what it does to your taxes and insurance before you buy, not after.

If you hold property in an LLC or trust: No homestead, no exemption. And a transfer of more than 50% of the entity triggers reassessment at market value, which wipes out whatever the 5% cap had saved. Worth a conversation with counsel if a sale of the entity is in your five-year plan.

Why Tampa, St. Petersburg, and the county are pushing back

Local governments would lose money, and they're saying so publicly.

The Legislature's own Revenue Estimating Conference projects local governments statewide would collect $4.9 billion less in 2027, $8.7 billion less in 2028, and about $11.8 billion a year less by 2031-32 if rates stay the same. The Florida Policy Institute's calculator puts Hillsborough County's combined impact at more than $971 million over the first two years. Henriquez has said unincorporated Hillsborough alone could lose as much as $300 million.

Tampa Mayor Jane Castor and the Tampa Bay Chamber came out against the measure in September, with Castor noting the city's property tax revenue doesn't fully cover police and fire. Pinellas Sheriff Bob Gualtieri has warned that cuts would "go to the bone." St. Petersburg's administration projects a $33 million general fund loss in fiscal 2028 and is already studying a fire assessment, which is a non-ad valorem charge the exemption wouldn't touch.

That last point is the one that matters for your bill. If cities replace lost property tax with fees and special assessments, part of your savings comes back on the same piece of paper. Henriquez has said as much. Florida Realtors, which has spent well over $10 million backing the measure, argues the relief is overdue and that local budgets have room to tighten.

Polling is mixed. An NBC 6/Mason-Dixon survey in early October found 55% support with 19% undecided; other October polls have ranged from 42% to 63%. The 60% threshold makes the outcome a coin flip.

If you own in St. Petersburg, there's a second line on your ballot

St. Pete voters will also decide whether the city can issue up to $600 million in general obligation bonds for stormwater, wastewater, and drinking water projects under its SPAR resilience plan, including hardening the Northeast Water Reclamation Facility. The bonds would be repaid through a new property tax. The Yes campaign's own fact sheet estimates the cost at $96 per year for every $100,000 of taxable value, which is about $1,440 a year on a home with $1.5 million of taxable value. City officials say the projects proceed either way; the bond compresses roughly 24 years of work into a much shorter window.

For a Snell Isle or Old Northeast owner, the two measures roughly offset: Amendment 3 could save you around $2,200, and the bond could cost you $1,000 to $2,500 depending on your assessed value. Run both numbers before you assume your carrying cost is going down.

Frequently Asked Questions

If Amendment 3 passes, when will I see it on my Tampa Bay tax bill?

Not until 2027. The amendment takes effect January 1, 2027, so the first change appears on your August 2027 TRIM notice and November 2027 tax bill. The bill you receive in November 2026 is calculated under current law regardless of the vote.

Do I need to close on a Florida home before December 31, 2026 to get the full exemption?

No. The deadline is for permanent Florida residency, not for a closing. If you're a Florida resident by December 31, 2026 and buy later, you qualify for the larger exemption when you purchase and file for homestead. To get a 2027 homestead, you still need to own and occupy the home as of January 1, 2027 and apply by March 1, 2027.

Does Amendment 3 help if I'm buying a second home or investment condo in Tampa Bay?

Not through the exemption, which applies only to a homesteaded primary residence. Non-homestead property would get a lower annual assessment cap, 5% instead of 10%, on non-school taxes. That cap still resets to market value when the property sells.

Does Amendment 3 change Save Our Homes or portability?

No. The 3%-or-CPI cap on homestead assessment increases stays in place, and portability rules are unchanged. You'd still move your accumulated Save Our Homes benefit to a new Florida homestead the same way you do today.

How much would a $2 million South Tampa homestead save under Amendment 3?

About the same as a $300,000 one: roughly $2,000 to $2,500 a year once the $250,000 exemption is fully in place in 2028, depending on your city and county millage. The exemption is a fixed dollar amount off assessed value, so it doesn't scale with price.

The decision that actually matters

Amendment 3 is a real change to Florida's tax structure, and if you're relocating, the residency timeline deserves a place on your calendar. But at the price points where I work, it's a rounding error compared with purchase price, insurance, flood zone, and whether you're buying into a building that can still get conforming financing.

If you're weighing a sale, start with a current valuation of your home — not an algorithm's guess, and not a number that assumes buyers will pay more because their taxes dropped $2,000. Start with what's actually closing in your neighborhood and building. Request yours at shanevanderson.com/evaluation, or call 813-205-5430.

About Shane Vanderson Shane Vanderson is a Broker Associate and License Partner with Engel & Völkers South Tampa, licensed in Florida since 2012 and specializing in luxury and waterfront residential real estate, condos, and new construction across Tampa Bay. He advises buyers and sellers across South Tampa, Downtown Tampa, St. Petersburg, and the beaches, and is part of the Engel & Völkers Professional Athlete Advisory program. Reach him at 813-205-5430 or shane.vanderson@engelvoelkers.com.