Florida voters approve major property tax cut, increasing homestead exemption to $250,000

Homeowners are set to receive significant property tax relief after voters approved a major amendment increasing Florida’s homestead exemption.The amendment received more than the 60% of votes required to pass, paving the way for a substantial increase in the amount of a home’s value that can be exempt from property taxes.Amendment 3 savings calculatorUnder the approved measure, the homestead exemption will increase to $150,000 in 2027 and then rise to $250,000 in 2028.The change means a larger portion of qualifying homeowners’ property values will be shielded from taxation, potentially lowering their annual property tax bills.The average homeowner is expected to save approximately $3,000 a year, providing additional financial relief as property taxes continue to be a concern for many Floridians.There is also an important distinction for homeowners.The amendment does not apply to school district property taxes. That means the change will not reduce the portion of property taxes that he