Yes. Florida voters approved Amendment 3 on November 3 with 62% of the vote, above the 60% it needed. Starting in 2027, the homestead exemption on non-school property taxes rises to the first $150,000 of assessed value, then $250,000 in 2028. School taxes are unchanged, and the yearly cap on non-homestead assessment growth drops from 10% to 5%.
Last night settled the biggest property tax question Marion County homeowners have faced in years. Before the vote, I walked through the proposal in my Amendment 3 guide for Ocala homeowners. Now that it has passed, the useful questions are simpler: what changes, when, who qualifies, and what should buyers, sellers, and investors in Ocala, Belleview, Dunnellon, Summerfield, and the rest of the county do with it.
What happened
Amendment 3 received 62% "yes" votes when the race was called, two points more than the 60% needed to become part of the Florida Constitution, according to the News Service of Florida report published by CBS12. The two other amendments on the ballot failed. Amendment 1, which would have increased how much lawmakers can put into a key reserve fund, got 40%. Amendment 2, which would have exempted some farm equipment and agricultural property from property taxes, reached 58%.
Gov. Ron DeSantis spearheaded the measure and celebrated on X: "Big win on Amendment 3 for Florida homeowners!" WUSF reported that Senate President Ben Albritton ultimately advocated against it, saying it would hurt already resource-strapped rural communities, and that local governments and Democrats heavily criticized it.
What the amendment does
- Bigger homestead exemption on non-school taxes. Today the exemption is about $50,000, with the first $25,000 exempt from all property taxes, including school taxes. Under Amendment 3, the exemption for non-school taxes covers the first $150,000 of assessed value in 2027 and the first $250,000 in 2028, then adjusts for inflation, per WKMG News 6 and WUSF.
- School taxes are not affected. The change applies to qualifying primary residences, and school district property taxes stay as they are, per CBS12.
- Lower cap for non-homestead property. The yearly limit on assessment increases for non-homestead property, including certain rental and commercial properties, drops from 10% to 5%.
- A waiting period for new residents. WUSF reports that people who move to Florida starting next year must live in the state for five years before qualifying for the new exemption. WKMG's explainer says the higher exemption applies to homeowners who are permanent Florida residents before the amendment takes effect on January 1, 2027, and that new residents keep the existing exemption structure until the five years are up.
- Limits on local spending. WKMG lists the uses local governments may put property tax revenue toward, including public safety, schools, roads, bridges and stormwater, flood control and natural resource projects, bonds and debt payments, employee retirement obligations, and the operations of county officers and commissioners.
The cost side is real. WUSF cited a state economic analysis projecting that local governments could lose nearly $5 billion after passage, approaching $9 billion the next year, with an eventual recurring impact of nearly $12 billion. CBS12 noted the amendment does not automatically require cities or counties to cut programs or police staffing. Those choices depend on each local budget.
What it means for Marion County
None of the reporting I read broke out a Marion County vote share or a county-level dollar estimate, so I will not guess at one. What is clear: the exemption change shows up starting with 2027, so the tax bills Marion County owners are paying this month are not affected. The Marion County Board of County Commissioners, the City of Ocala, and other local taxing authorities will build their 2027 budgets with less taxable homestead value to work with. Watch those budget hearings and the millage rates that come out of them, because your total bill depends on both the exemption and the rate.
What it means for buyers
- Florida residents buying a primary home stand to benefit most. If you live here and buy a home you will homestead, the larger exemption on non-school taxes should lower that portion of your bill starting in 2027. Ask your lender to show your payment both ways while the details settle.
- Relocating buyers need to read the five-year rule closely. If you are moving to Ocala from another state, the reporting says the new exemption is not available until you have lived in Florida for five years. Confirm how your move-in date and homestead filing date apply with the Marion County Property Appraiser or a real estate attorney. My Ocala relocation guide covers the rest of the move.
What it means for sellers
- Expect tax questions from every buyer. Florida buyers who will homestead may see a better long-term payment picture, which can help. Out-of-state buyers may ask why the exemption does not apply to them yet. Point them to the property appraiser rather than promising a number.
- If you are moving within Florida, ask before you list. The sources I read did not explain how the new exemption interacts with transferring your existing homestead benefit to a new Florida home. Ask the property appraiser or a real estate attorney before you set your timeline.
- Price on comparable sales, not on tax headlines. A tax change does not change what similar homes near you sold for. For a pricing review, see my Ocala seller page or sellocalahome.com.
What it means for investors
- No homestead exemption for rentals or second homes. Your benefit is the lower assessment growth cap, cut from 10% to 5%, which slows how fast the taxable value of a property you hold can climb.
- Do not assume your total bill falls. If local governments lose homestead revenue, the rates they set for 2027 matter more. Underwrite with current taxes and revisit after the 2027 budget season.
- Compare by ZIP code. Taxing districts and values differ across the county. Use my Ocala ZIP code guide to narrow areas, then have a CPA review the tax side of any purchase.
What I'd do this week
- Homeowners: confirm your homestead exemption is on file and current with the Marion County Property Appraiser.
- Buyers relocating from out of state: ask the property appraiser or a real estate attorney how the five-year rule applies to your move date before you set a closing date.
- Buyers already in Florida: have your lender run your payment with today's taxes, then plan to recheck in 2027.
- Sellers moving within Florida: ask how your current homestead benefit carries over before you list.
- Investors: keep underwriting at current tax levels and put the 2027 Marion County and Ocala budget hearings on your calendar.
Frequently asked questions
Did Amendment 3 pass in Florida?
Yes. Amendment 3 received 62% of the vote on November 3, 2026, two points above the 60% it needed, according to the News Service of Florida. Amendments 1 and 2 on the same ballot failed.
When does the new Florida homestead exemption start?
The amendment takes effect January 1, 2027. The homestead exemption on non-school property taxes rises to the first $150,000 of assessed value in 2027 and $250,000 in 2028, then adjusts for inflation in later years.
Does Amendment 3 lower school property taxes?
No. The new exemption applies only to non-school property taxes on qualifying primary residences. School district taxes are not affected, so that part of your Marion County tax bill still applies.
I am moving to Ocala from another state. Do I get the new exemption?
Not right away, based on the reporting so far. People who move to Florida starting next year must live in the state for five years before qualifying for the new exemption, and the existing exemption structure applies in the meantime. Confirm your situation with the Marion County Property Appraiser or a real estate attorney.
Does Amendment 3 help landlords and second-home owners?
Rentals and second homes do not get the homestead exemption. The change for them is a lower cap on yearly assessment growth for non-homestead property, cut from 10% to 5%. Ask a CPA how that affects your holding costs.
Will Marion County have to cut services because of Amendment 3?
Not automatically. A state analysis projected local governments statewide could lose nearly $5 billion at first, rising toward $9 billion the next year. How Marion County and Ocala respond depends on their own budget decisions.
Sources
- CBS12 / News Service of Florida: Amendment 3 passes with 62% of the vote (Nov. 3, 2026)
- WUSF: Florida voters approve Amendment 3 property tax reduction (Nov. 3, 2026)
- WKMG News 6: Here's how Florida's newest property tax plan works (Nov. 3, 2026)
This article is general information, not legal, tax, insurance, or lending advice, and no guarantee of any tax amount or outcome. Implementation details may change. Talk with the Marion County Property Appraiser, a CPA, a lender, or a real estate attorney about your own situation.
Cristian Gonzalez, REALTOR, eXp Realty
FL License #3633800 · Ocala, Marion County, Florida · Published November 4, 2026