Amendment 3 is the property tax question on the Nov. 3 ballot. If it passes, it could change the tax bill on almost every home in Miami-Dade. It needs at least 60% of the vote.

Here is what it would mean if you own a home, plan to buy one or plan to sell.

If you own your home

Most homesteaded owners get an exemption of about $51,000 today. Under the amendment, the exemption for non-school taxes would jump to $150,000 in 2027 and $250,000 in 2028. After that, it would rise with inflation. The Legislature could also set up a way for counties and cities to raise it further, up to a home's full assessed value.

A simple example: a home with a $400,000 assessed value would be taxed on about $250,000 for county and city taxes in 2027, and about $150,000 in 2028. Actual savings depend on local tax rates.

School taxes would barely change. Only the first $25,000 of value would stay exempt from them, the Pinellas County Property Appraiser explains. Save Our Homes, which limits yearly increases in a homestead's assessed value to 3% or inflation, would stay. So would portability. Fees billed separately, like garbage, would not drop.

Miami-Dade homeowners can use the county property tax estimator to see estimated 2027 and 2028 numbers for a specific address.

If you're buying

The date you become a Florida resident could matter more than the date you close. People who are residents by Dec. 31, 2026, could get the larger exemption when they buy and apply for homestead, even if they buy later.

People who become residents on Jan. 1, 2027, or later would start with a smaller $50,000 exemption. They would get the larger one starting in their fifth year with a homestead exemption.

Recent buyers may get the most out of the change. Their taxable values are often closer to market value, so they are more likely to use the full exemption, Pinellas County's appraiser notes.

If you're selling or own a rental

For sellers, a larger exemption could make owning a home in Florida cost less each year, which may matter to buyers as they weigh monthly costs. Investors and second-home owners would see slower growth in assessed value under the 5% cap. That cap does not apply to school taxes, and it does not lower tax rates.

The tradeoff

Miami-Dade estimates the county would collect about $385.8 million less in the budget year starting October 2027, growing to about $696.7 million a year once the $250,000 exemption is in place. County figures show property taxes provide $743.7 million for Miami-Dade Fire Rescue.

In late September, Mayor Daniella Levine Cava warned the county could lose as many as 19 fire stations and 10 of its 51 libraries, CBS News Miami reported. Property Appraiser Tomás Regalado and Tax Collector Dariel Fernandez said they support the amendment, speaking as homeowners.

If it passes, the amendment would take effect Jan. 1, 2027. The changes would first show up on August 2027 tax notices and November 2027 bills. Early voting runs through Nov. 1. Here's where to vote early in Miami-Dade. For more on housing costs, see our look at how mortgage rates shape a Miami home budget and a proposed flat property tax rate.

**Buying or selling in Miami-Dade?** The Miami Lookout is founded by Joe Biscaha, a Miami realtor with Joe Sells Miami.