The Associated Press called Florida Amendment 3 approved. Unofficial Florida Election Watch returns checked at 12:57 p.m. EST Nov. 4 showed 4,917,482 yes votes statewide, or 61.99%, above the 60% passage threshold. Separate five-year projections estimate $1.43 billion in lost property tax revenue for Pasco County and $3.43 billion for Hillsborough County.

The constitutional amendment triples the homestead exemption for non-school property taxes from $50,000 to $150,000 next year, then raises it to $250,000 in 2028. Beginning in 2029, the exemption adjusts for inflation. The measure takes effect Jan. 1, 2027.

For Land O' Lakes, Odessa and Lutz residents, the tax savings come with a catch. The two counties that serve these unincorporated communities face steep revenue losses that fund fire rescue, roads and local services.

What the counties stand to lose

A ClickOrlando analysis of data from the Florida Policy Institute ranked Pasco County ninth statewide, with a projected $1.43 billion in lost property tax revenue over five years. Hillsborough County ranked fourth at $3.43 billion.

WTSP reported that Hillsborough County has projected losses of about $250 million after the first exemption increase and more than $360 million after the second. In Pasco County, the fire district bond is listed as one of the largest potential funding impacts, according to a Florida Policy Institute calculator cited by Fox 13.

The state Revenue Estimating Conference projects local governments statewide would lose about $4.9 billion in the 2027-28 budget year and $8.7 billion in 2028-29, according to the Ocala Gazette. A state trust fund to offset local losses was removed from the proposal before final passage.

How it works

The amendment applies only to non-school property taxes. School taxes keep the existing $25,000 exemption. Homeowners who are Florida residents on Dec. 31, 2026, qualify for the higher exemption immediately. Newcomers who establish residency after that date receive the current $50,000 exemption and must wait five years for the larger one.

The measure also cuts the annual assessment cap on non-homestead properties, such as rentals, second homes and commercial buildings, from 10% to 5%.

It needed 60% to pass. With 98% of precincts reporting on election night, the measure cleared that threshold at 62%, Gulf Coast News Now reported.

Tax savings vs. service cuts

Craig Kincheloe, a real estate executive with the Kincheloe Group, told Bay News 9 that eligible homeowners could save about $1,300 on their property tax bill in 2027 and roughly $2,700 in 2028 and beyond.

Opponents warned the revenue loss could force cuts to public safety and local services. The Florida Sheriffs Association, the Florida Fire Chiefs' Association and the Florida League of Cities all opposed the measure, according to the Independent Florida Alligator and a Tampa Bay Times opinion column.

Margy Grant, CEO of Florida Realtors, which invested $18 million supporting Amendment 3, argued local governments can adjust. Her organization pointed to statewide property tax collections doubling over the past seven years, WTSP reported.

Local governments do not expect a significant drop in property tax revenue until fall 2027, Bay News 9 reported. The larger reduction hits in 2028 when the exemption reaches $250,000.

Gov. Ron DeSantis championed the amendment after calling a special legislative session in May. State Rep. Toby Overdorf, R-District 85, sponsored the measure, which the Legislature placed on the ballot during a June special session.