South Tampa Real Estate Market Report | 11/1/26-11/7/26
I've received several inquiries about Amendment 3 and how it works so I figured I'd use this platform to provide a general overview. Florida voters recently approved Amendment 3, which increases the homestead exemption for non-school property taxes to $150,000 in 2027, $250,000 in 2028 and adjusts for inflation thereafter. It also lowers the annual assessment cap on non-homestead properties from 10% to 5%, providing greater predictability for owners of investment properties and second homes, although millage rates may still change.
Those who were not Florida residents on December 31, 2026, may receive the existing $50,000 homestead exemption when they qualify, with annual inflation adjustments beginning in 2028. They receive the full expanded exemption in their fifth year. For example, someone who first qualifies in 2028 receives the inflation-adjusted $50,000 exemption through 2031 and the full exemption in 2032. Feel free to reach out if you have further questions.
Have a great week!
Michael Palermo
