Florida Voters to Weigh In on Inflation Adjustments for Homestead Exemptions
What's at Stake in Amendment 3?
On the November ballot, Florida voters will consider a constitutional amendment that would adjust homestead property tax exemptions based on inflation. The proposed change, known as Amendment 3, would increase the homestead exemption by up to $50,000, and would also index the exemption to inflation in future years.
Key Benefits and Drawbacks
Supporters of Amendment 3 argue that it would provide much-needed tax relief to homeowners, especially those on fixed incomes who are struggling to keep up with rising property values. A study by the Florida Policy Institute found that the average homeowner would save about $250 per year if Amendment 3 is passed.
Opponents of the amendment argue that it would reduce revenue for local governments, which could lead to cuts in essential services. The Florida Association of Counties estimates that Amendment 3 would cost local governments $1.3 billion in lost revenue over the next four years.
How the Amendment Would Work
If passed, Amendment 3 would increase the homestead exemption for all homeowners by $25,000. This would bring the total homestead exemption to $75,000 for single-family homes and $150,000 for mobile homes.
The amendment would also index the homestead exemption to inflation, meaning that the exemption would increase each year by the same percentage as the Consumer Price Index. This would ensure that the exemption keeps pace with rising property values.
Arguments for and Against Amendment 3
Arguments For
- Provide tax relief to homeowners
- Help homeowners on fixed incomes
- Keep pace with rising property values
Arguments Against
- Reduce revenue for local governments
- Lead to cuts in essential services
- Unfair to non-homeowners
How to Vote on Amendment 3
To vote on Amendment 3, you must be registered to vote in Florida and you must vote in the November general election. You can find more information about Amendment 3 and other ballot measures on the Florida Division of Elections website.
