Amendment 3: What Florida homeowners need to do to get property tax reductions by next year
Fort Lauderdale homeowner Kitty McGowan has owned her home for about five years and is optimistic that Florida's new homestead exemption will cut down her housing costs.
"I voted for it, and so to me there's nothing wrong or bad about getting money back," McGowan said. "So how do you apply for it? Is it something that's automatic?"
Amendment 3 lowers the taxable value of primary homes in Florida by $150,000 in 2027 and by $250,000 in 2028 through homestead exemptions.
According to property appraisers in Miami-Dade and Broward counties, homeowners who already have a homestead exemption do not need to take any action. Their offices will automatically adjust the numbers.
"If you're an existing homestead property owner, your exemption is going to go from $50,000 to $150,000," said Broward County Property Appraiser Marty Kiar.
For others, strict statewide deadlines apply:
- New Florida Residents: Must establish residency in the state by Dec. 31 to qualify for the increased tax exemptions without waiting five years.
- Existing Residents & First-Time Applicants: Must establish the home as their primary residence by Jan. 1. Failing to meet this deadline means waiting another year to receive the increased exemption benefit.
"As long as you do that timely, you're gonna qualify for that homestead exemption and get the benefit of the new amendment," Kiar said.
Because McGowan already has a homestead exemption on her home, she will not need to take any action.
"That's fantastic. Makes it easy," McGowan said.
Broward County residents should receive a letter in the mail in January that breaks down Amendment 3 and outlines their new exemptions.
In Miami-Dade County, Property Appraiser Thomas Regalado said that as long as exemptions are set up by March, the new exemptions will be reflected on the next bill next fall.
Kiar and Regalado noted that homeowners can apply for an extension to submit their applications through September.