Amendment 3 Passed With 61.98% of the Vote: What Changes for Miami Owners and Investors

Florida voters approved Amendment 3 on November 3. The state's unofficial returns show 4,922,400 yes votes, or 61.98%, against 3,019,415 no, clearing the 60% bar. Miami-Dade voted 65.57% yes. The result becomes official when the Elections Canvassing Commission certifies it on November 17.

If you homestead your home

Your exemption on non-school taxes goes from $50,000 to $150,000 in 2027 and $250,000 in 2028, then tracks inflation. School taxes do not get the larger exemption, and 2026 bills do not change. In Palm Beach County, Property Appraiser Dorothy Jacks said current owners do not need to reapply, the new amounts first show on August 2027 TRIM notices, and fee-based assessments like solid waste “won't go away.” Miami-Dade's appraiser had not posted guidance as of November 7.

If you are moving here

December 31, 2026 is now the date that counts, and it is a residency test, not a closing deadline. The Miami-Dade Property Appraiser's estimator says people with permanent Florida residency by then “may qualify for the increased exemption even if they purchase a home later.” Anyone establishing residency on or after January 1, 2027 starts on the existing exemption until “their fifth year of homestead exemption.” Gov. DeSantis plans a special session before his term ends in early January to set “the schedule for further homestead exemption.” Nothing I have read says how December 31 residency will be documented.

If you own a rental, second home or commercial property

There is no new exemption. The annual cap on assessed-value increases drops from 10% to 5% for non-school taxes. It caps assessed value, not the bill. International buyers without a green card are in this group: Miami-Dade requires U.S. citizenship or permanent U.S. residency for homestead.

Who covers the gap

Before the vote, Miami-Dade estimated it would collect about $385.8 million less at current tax rates starting October 2027, rising to $696.7 million in October 2028. Mayor Daniella Levine Cava has warned that fire rescue, libraries, parks and transit could face cuts, per CBS Miami. After the vote she told county employees it brings “significant challenges,” per Miami New Times. In the City of Miami, Commissioner Miguel Gabela warned in August that trash fees, flat at $380 for nearly two decades, could rise.

My read

Homesteaded owners get real savings, but at the end of 2027, and the bill does not go to zero. If you are relocating, December 31 matters more than any closing date, though I would treat the residency rules as unsettled until the Legislature writes them, and moving your residence has consequences beyond Florida taxes. For investors, the 5% cap makes assessments more predictable, but bills still depend on millage and local fees. Run your property through the Property Appraiser's estimator, which shows 2027 and 2028 estimates but assumes you qualify. This is not legal or tax advice.