What will Amendment 3’s property tax cuts mean for Miami’s real estate market?

Miami Herald · Catherine Odom · 2026-11-05 10:05 UTC

How will property tax cuts passed in Amendment 3 affect real estate, housing market in Miami-Dade, South Florida? Referendum raised homestead exemption

In an election defined across the nation by affordability issues, Florida voters approved an amendment that will cut property taxes for millions of homeowners starting next year.

Amendment 3, which won about 62% of the vote in Tuesday’s elections — it needed at least 60% to pass — will raise the state homestead exemption, first to $150,000 in 2027, then to $250,000 in 2028. It will also lower the cap on how much the assessed value of non-homestead properties can increase, from 10% to 5%.

In Miami-Dade alone, Property Appraiser Tomás Regalado said it will result in $356 million in property tax cuts the first year and likely around $500 million the second.

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