Amendment 3 passed. Here's what the bigger homestead exemption means for Miami-Dade buyers and sellers

Florida homeowners are getting a much bigger property tax break, starting with 2027 bills.

Amendment 3 passed Tuesday with 4,917,482 yes votes, or 61.99%, state results show. Florida constitutional amendments need 60%. Miami-Dade voters backed it 488,756 to 256,548, according to county results. Both counts are unofficial until certified.

What changes

For 2025, the homestead exemption in Miami-Dade was worth up to $50,722 for non-school taxes, the Property Appraiser says. Under the amendment, the part that applies to non-school taxes jumps to $150,000 in 2027 and $250,000 in 2028. After that, it rises with inflation.

Here's the example CBS Miami used: a home assessed at $500,000 could eventually be taxed as if it were worth $250,000 for those non-school taxes. School taxes don't get the bigger break.

Second homes, rentals and commercial property don't get the larger exemption. But the yearly cap on how fast their taxable value can rise drops from 10% to 5%, except for school taxes. The changes take effect Jan. 1, 2027.

What it means for buyers and sellers

Buyers moving from out of state: If you aren't a Florida resident by Dec. 31, 2026, you start with the current exemption. The bigger one kicks in your fifth year of having a homestead exemption. Moving sooner can matter.

Buyers already here: Homestead is not automatic. The home must be your permanent residence on Jan. 1, and you must apply by March 1, online or at the Property Appraiser's office in the Stephen P. Clark Center, 111 NW First St., Suite 710.

Sellers: Buyers will compare tax bills more closely. A seller's bill reflects the seller's own exemptions, which do not pass to the buyer. Point buyers to the Property Appraiser's tax estimator, which now shows 2027 and 2028 Amendment 3 estimates.

Owners of rentals and second homes: The 5% cap slows future increases in taxable value. It doesn't lower today's bill.

What Miami-Dade loses

The county expects to collect about $385.8 million less starting in October 2027, growing to $696.7 million a year from October 2028, according to county estimates. Property taxes help pay for fire rescue, libraries, parks and transit. Renters get no direct tax cut.

Have questions? The Property Appraiser holds an outreach event Thursday, Nov. 5, 3 to 7 p.m., at Westchester Regional Library, 9445 Coral Way.

Read our earlier Amendment 3 guide for homeowners, how to read this year's tax bill and the flat tax rate debate.

Buying or selling in Miami-Dade? The Miami Lookout is founded by Joe Biscaha, a Miami real estate advisor with Compass.