Florida voters approved a sweeping property tax cut Tuesday, handing homeowners a major victory and giving real estate leaders gathered in Miami plenty to celebrate. Attendees at The Real Deal Miami Real Estate Forum portrayed Amendment 3 as another reason buyers may choose the Sunshine State.

The amendment passed with support from 62% of voters. It expands the homestead exemption for primary residences from $50,000 to $150,000 in 2027 and then to $250,000 in 2028 for property taxes not connected to schools.

That change could shield as much as a quarter million dollars of an eligible homeowner’s assessed property value from certain local taxes. School property taxes remain in place, meaning the amendment does not eliminate every property tax bill facing Florida homeowners.

Luxury broker Dina Goldentayer called the measure a signal that Florida remains willing to pursue policies benefiting its residents. “It's an optics play. It really just shows that Florida continues to pass innovative and progressive legislation that serves its constituents,” she told Fox News Digital.

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The Real Deal founder and publisher Amir Korangy said the result reflected a simple political reality. “I think that Florida voters, like all voters, want to pay less in taxes. So it made a lot of sense that it got passed,” Korangy said.

Korangy also credited Florida politicians for getting the issue right and argued that reducing taxes allows more money to return to the economy. His reaction matched the enthusiasm among developers, brokers, homeowners and transplants attending the Miami gathering shortly after polls closed.

Adam Kaufman of Premier Sotheby’s International Realty said any policy that lowers costs could bring more buyers into Florida’s market. He also said the change could give sellers more confidence to seek higher prices for their properties.

Attendee and voter Shana Goldwasser said she was “100%” bullish about the amendment encouraging additional migration into Florida. She said residents had been waiting for the change and predicted people would move from other places because of the property tax relief.

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Andres Asion, broker owner of Miami Real Estate Group, offered a more measured assessment of the luxury market. He said an additional $100,000 in savings would not make much difference for somebody purchasing a million dollar property, but could matter greatly to retirees living on fixed incomes.

Asion pointed specifically to homeowners in their 70s and 80s whose properties have been grandfathered at modest values. He said reductions of “25, 30, 50%” in their tax bills would have a “big impact,” making those longtime residents among the amendment’s clearest beneficiaries.

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Mayi de la Vega, founder and executive chair of ONE Sotheby’s International Realty, said buyers were excited about the change and predicted it would benefit Florida’s economy. She declared that Florida “continues to be unbeatable” and called it the greatest state in the United States.

Goldentayer similarly said Florida was already unbeatable and predicted another increase in home prices. She also said buyers considering a move could make purchases before Dec. 31 to qualify under the amendment’s residency requirements.

Under the measure, people who are not Florida residents by Dec. 31, 2026, must wait until their fifth year of homestead eligibility before receiving the expanded exemption. That deadline could give hesitant buyers another reason to stop browsing and finally make a decision.

Canadian entrepreneur and relocating buyer Alex Burns said high taxes outside Florida were helping drive middle class wealth toward the state. Burns said Canada had not been the most conducive place for small businesses or middle class families despite its natural beauty.

Opponents warn that the tax reductions could pressure local governments to cut police, fire and emergency services. The Florida Policy Institute estimated that local governments could eventually lose approximately $12 billion in recurring revenue each year.

The Florida Housing Coalition also warned that governments could raise fees on properties without homestead exemptions, including apartment complexes and single family rentals. Supporters countered that the measure creates an opportunity to scrutinize government budgets while protecting homeowners from rising assessments and tax costs.

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