ORLANDO, Fla. \u2013 Florida voters are deciding right now whether to approve Amendment 3, a constitutional amendment that would sharply cut property taxes for many homeowners.<\/p>\n
Dozens of groups, from sheriffs to firefighters to city leaders, have lined up against it. One group is spending millions to get it passed: Florida Realtors, the state\u2019s largest trade association.<\/p>\n
Florida Realtors have put more than $18 million into the Vote Yes on 3 campaign. <\/p>\n
Margy Grant is the chief executive officer of Florida Realtors. She told News 6 the association speaks for a large share of the state, \u201cI represent almost a quarter of a million people across the state of Florida,\u201d Grant said.<\/p>\n
She said the size of the state is why the campaign is costly.<\/p>\n
\u201cFlorida\u2019s a big state and we have a lot of voters to educate, and it is absolutely crucial that every single Florida voter, when they go to the ballot box in November, feel confident to vote yes on 3,\u201d Grant said. \u201cAnd that can be expensive.\u201d<\/p>\n
The amendment makes three main changes to Florida\u2019s property tax system.<\/p>\n
\u2022 Bigger homestead exemption. The exemption on a primary home would rise from about $50,000 today to $150,000 in 2027 and $250,000 in 2028, then adjust for inflation. It applies only to non-school property taxes. The school tax exemption stays at $25,000.<\/p>\n
\u2022 Slower tax growth on rentals and businesses. Right now, the taxable value of rental homes, second homes and commercial buildings can rise up to 10% a year. Amendment 3 cuts that cap to 5%.<\/p>\n
\u2022 A wait for newcomers. People who are not Florida residents on Dec. 31, 2026, would get the current exemption when they qualify. The larger exemption would start in their fifth year.<\/p>\n
Grant said the Realtors pushed hard for the lower cap on commercial and rental property.<\/p>\n
\u201cRight now that sits at 10%. We were big advocates to get that capped,\u201d Grant said. \u201cThat cap will go from 10% to 5% annually. And that will insert predictability for property taxes for those non-homestead owners.\u201d<\/p>\n
Grant said landlords could pass the savings on to renters, which could lower housing costs. Nothing in the amendment requires landlords to do that.<\/p>\n
News 6 asked Grant what she would tell local leaders worried about losing money for police and fire.<\/p>\n
\u201cWe have the full faith and confidence that our local officials will implement Amendment 3 successfully, and Floridians will not have a disruption in the quality of life we also enjoy,\u201d Grant said.<\/p>\n
Amendment 3 needs at least 60% of the vote to pass. Election Day is Nov. 3.<\/p>\n
If voters approve it, the amendment takes effect Jan. 1, 2027. <\/p>\n