The Florida Realtors has allocated $10 million to promote a ballot amendment that would significantly alter how the state determines property tax collection.
In two months, Florida voters will decide whether to pass or reject Amendment 3, which is designed to increase homestead exemptions for state residents who own primary residences by the end of this year to $150,000 in 2027 and $250,000 in 2028, with further increases tied to the Consumer Price Index. The amendment caps assessment increases on other property to 5% a year.
Florida Politics reports that Florida Realtors is directing $10 million into its Vote Yes on 3 political committee. The organization issued a statement last month in support of the measure but had previously not committed to financially backing a campaign for its passage.
“Florida Realtors supports Amendment 3 because it offers voters an opportunity to provide meaningful property tax relief while strengthening Florida’s commitment to attainable homeownership. Florida Realtors encourages Floridians to learn more about it, and to vote Yes on Amendment 3 this November,” said the organization in its announcement backing the measure.
Amendment 3 has received pushback from several organizations representing Florida first responders, who’ve argued it would weaken the financial support for their operations. Gov. Ron DeSantis has initially pushed for property tax cuts but then declined to actively promote Amendment 3 because it deviated from his initial proposal. He has since backpedaled, saying he would become “involved” in securing its passage.
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