Florida property taxes are once again making headlines, and homeowners throughout South Florida are asking an important question: Could upcoming changes affect what they pay each year?
With Amendment 3 appearing on Florida’s November 3, 2026 ballot, property taxes have become a significant topic for current homeowners, prospective buyers, and anyone considering relocating to Florida.
The proposed amendment could change homestead exemptions, assessment limits for non-homestead properties, and certain benefits available to new Florida residents.
For buyers and sellers in Lighthouse Point, Boca Raton, Delray Beach, and surrounding communities, understanding these potential changes is particularly important when evaluating the long-term costs of homeownership.
Here’s what South Florida homeowners and buyers should know about Florida’s current property tax rules, the proposed changes, and how they could affect future real estate decisions.
What Is Florida Amendment 3, and How Could It Affect Property Taxes?
Florida Amendment 3 is a proposed constitutional amendment appearing on the November 3, 2026 ballot. It would make several changes to Florida’s property tax system, including expanding homestead exemptions and limiting certain property assessment increases.
If approved, the amendment would increase the homestead exemption for property taxes other than school taxes to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments beginning afterward.
The proposal would also reduce the annual assessment increase cap for non-homestead properties from 10% to 5%. This could be particularly relevant to owners of second homes, vacation properties, and investment properties throughout South Florida.
However, there is an important distinction for people moving to Florida. Individuals who were not Florida residents on December 31, 2026, would generally need to wait until their fifth year of qualifying for a homestead exemption to receive the increased exemption, subject to constitutional limitations.
As of October 2026, Amendment 3 is only a proposal. It must receive at least 60% voter approval before becoming law.
What Would Amendment 3 Mean for New Homebuyers Moving to Florida?
For buyers considering a move to Florida, understanding how property taxes are calculated is an important part of determining the true cost of homeownership.
Under Florida’s existing rules, eligible homeowners can apply for a homestead exemption on their primary residence. However, Amendment 3 proposes additional benefits that would not necessarily become available immediately to everyone purchasing a home.
If Amendment 3 passes, individuals who were not Florida residents on December 31, 2026, would generally qualify for the existing homestead exemption when eligible but would have to wait until their fifth year of receiving a homestead exemption to benefit from the proposed increase, subject to constitutional limitations.
This distinction could be particularly important for buyers relocating from states such as New York, New Jersey, and California to communities including Lighthouse Point, Boca Raton, and Delray Beach.
Another important consideration is property tax reassessment. When purchasing a Florida home, buyers should not assume their property taxes will remain the same as the seller’s. A change in ownership can result in the property’s assessed value being reset, potentially increasing the new owner’s annual tax bill.
Whether purchasing a waterfront estate, condominium, or single-family home, understanding potential property taxes before making an offer can help buyers plan their budgets and avoid unexpected expenses.
The Premier Luxury Team encourages buyers to review estimated property taxes with the appropriate county property appraiser and consider both current tax rules and any proposed legislative changes before making a purchasing decision.
Why Do Property Taxes Change When You Buy a Home in Florida?
One of the most common surprises for buyers purchasing a home in Florida is discovering that their property taxes may be substantially higher than those paid by the previous owner.
Florida’s Save Our Homes benefit limits annual increases in the assessed value of qualifying homestead properties. Homeowners who have owned their properties for many years may have significantly lower assessed values than current market values.
When a property changes ownership, its assessed value is generally reset to just value as of January 1 of the following year. This means a new buyer’s property taxes may increase, even if the previous owner’s taxes were relatively low.
For example, a homeowner in Lighthouse Point who purchased a property 20 years ago may be paying taxes based on an assessed value substantially below today’s market value. A buyer purchasing that same property could face a much higher tax bill after reassessment.
This is particularly important when purchasing higher-priced homes in Lighthouse Point, Boca Raton, Delray Beach, and other South Florida communities.
Before purchasing a home, buyers should obtain a property tax estimate based on their anticipated purchase and ownership circumstances rather than relying solely on the seller’s current tax bill.
Understanding property tax reassessment, homestead exemptions, and potential legislative changes can help buyers make more informed financial decisions.
What Should Current Florida Homeowners Know About Amendment 3?
Whether you’re planning to buy, sell, or remain in your current home, staying informed about Florida property tax changes can help you make better financial decisions.
For homeowners in Lighthouse Point, Boca Raton, and Delray Beach, property taxes are just one factor influencing the overall cost of homeownership and the local real estate market. Insurance costs, mortgage rates, property values, and available homestead exemptions also play important roles.
If you’re considering selling, understanding current market conditions and how potential buyers evaluate ownership costs can help you develop an effective pricing strategy.
If you’re planning to purchase a home, reviewing estimated property taxes before making an offer is essential, particularly when relocating from another state or purchasing a waterfront property.
Have questions about buying or selling real estate in South Florida?
With more than 20 years of real estate experience and over 30 years of firsthand knowledge of Lighthouse Point, Michele Fox and The Premier Luxury Team provide personalized guidance to buyers and sellers throughout South Florida.
Contact The Premier Luxury Team to discuss your real estate goals and explore opportunities in Lighthouse Point, Boca Raton, Delray Beach, and surrounding communities.
