Florida Approves Tax Cuts

Florida voters approved Amendment 3 with 62% support, expanding the homestead exemption for primary residences from $50,000 to $150,000 in 2027 and $250,000 in 2028 for non-school property taxes. Real estate professionals and homeowners said the cut could attract buyers, support retirees and boost the state’s economy, while opponents warned it could reduce funding for local services; the Florida Policy Institute estimates local governments could eventually lose about $12 billion a year.

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