# Florida Real Estate Insiders Cheer Amendment 3's Property Tax Cut After 62% of Voters Approved It, While Critics Warn of Cuts to Local Services, Fox Business Reports

The exemption on non-school property taxes rises from $50,000 to $150,000 in 2027 and $250,000 in 2028. Brokers say buyers will rush in before a Dec. 31 residency deadline. The Florida Policy Institute puts the eventual local revenue loss near $12 billion a year.

- Section: [Economy](https://rightnewsrightnow.com/economy/)
- Published: 2026-11-06
- By: RightNewsRightNow Staff
- Canonical page: https://rightnewsrightnow.com/articles/florida-amendment-3-passes-62-percent-homestead-exemption-250000-real-deal-miami-forum-florida-policy-institute-12-billion-fox-business/

Florida voters passed Amendment 3 on Tuesday with 62%, and Fox Business says real estate leaders at a Miami forum that night called it a win for the state.

What it does. The homestead exemption on primary residences for non-school property taxes goes from $50,000 to $150,000 in 2027 and $250,000 in 2028, per Fox Business. School property taxes stay. People who are not Florida residents by Dec. 31, 2026 wait until their fifth year of homestead eligibility for the larger exemption. Broker Andres Asion also said the annual cap on assessment increases for non-homestead property drops from 10% to 5%.

What insiders say. At The Real Deal Miami forum, founder Amir Korangy said voters "want to pay less in taxes." Broker Dina Goldentayer predicted a bump in home prices and said buyers on the fence will likely buy before Dec. 31. Mayi de la Vega of ONE Sotheby's International Realty said "Florida continues to be unbeatable." Asion was more careful: for a million-dollar purchase, an extra $100,000 in savings "isn't going to move the needle," and the real winners are retirees on fixed incomes, whose bills could drop "25, 30, 50%."

The other side. Opponents warn that cities and counties may have to cut police, fire and emergency services. Fox says the Florida Policy Institute estimates local governments could lose roughly $12 billion a year in recurring revenue, and the Florida Housing Coalition warns they could raise fees on rental properties to make up the gap. Korangy said Florida is attracting capital, and that the challenge is spending it well.

Why it matters here. Tuesday was bad for Republicans nationally, and Florida was the exception, as Gov. DeSantis noted. Tax relief passed with a clear majority. We covered the measure earlier, including the Tax Foundation's warning about local revenue.

What we could not check. The people quoted are real estate professionals and an attendee who benefit from higher home sales, so this is an industry view, not a neutral one. We did not verify the $12 billion estimate or the vote share against official results.

## Source

Original reporting: [Fox Business](https://www.foxbusiness.com/real-estate/florida-approves-property-tax-relief-why-insiders-say-sunshine-state-just-made-itself-unbeatable)