Florida Approves Major Property Tax Overhaul, Raises Homestead Exemption

• Florida voters approved Amendment 3, raising the homestead exemption for non-school property taxes to $250,000 by 2028.
• The new exemption is unlikely to significantly impact the tax bills of billionaires and ultrawealthy individuals in Florida.
• Amendment 3 passed with 62% of the vote, indicating broad support for the tax reform.
• The homestead exemption was previously set at $50,000, and will increase to $150,000 in 2027 before reaching $250,000 in 2028.
• The tax reform aims to provide more relief to middle-class and lower-income residents, but its effect on the wealthy remains limited.