Florida Property Tax Measure Projects Larger Exemptions With a Five-Year Wait for New Residents

Realtor.com reports that Florida voters were projected to approve Amendment 3, a property tax measure that would expand homestead exemptions and change assessment limits. At the reported election-night tally, 98% of votes had been counted, with 62% supporting the measure, above the 60% approval requirement. The proposal would raise the homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028. Gov. Ron DeSantis estimated that the larger exemption would eliminate property taxes for 60% of Florida homeowners; that figure is an attributed estimate, not a documented household-level outcome. For interstate movers, the residency restriction is particularly important. The article says the exemption would apply to Floridians who established residency before December 2026, while new residents would face a five-year eligibility wait. It also reports that the annual limit on assessment increases for nonhomestead properties would fall from 10% to 5%. The changes come amid housing affordability pressures. Realtor.com’s economist cited rising insurance premiums and HOA dues, alongside a 3.5% year-over-year decline in September’s median listing price and a 9.6% decline in homes for sale. Prospective movers should distinguish potential tax relief for established residents from the costs facing newcomers during the waiting period.