Florida voters don approve Amendment 3, one constitutional amendment wey go cut property taxes for homeowners, even as local officials dey warn say money to fight flooding go reduce well well. Di measure pass with 62% of voters, and e go raise homestead exemption on primary residences from $50,000 to $150,000 in 2027 and to $250,000 in 2028 for non-school property taxes. School property taxes remain.
Di change mean say up to $250,000 of a home assessed value go shield from certain local property taxes for eligible homeowners. Supporters, including Republican Gov. Ron DeSantis, argue say property tax revenue wey governments collect don nearly double within past seven years, and say the cut go help homeowners handle rising cost of living.
At The Real Deal Miami Real Estate Forum, hours after polls close, developers, brokers, homeowners and people wey move from other states celebrate di passage. Top luxury broker Dina Goldentayer tell Fox News Digital say the vote be “an optics play” and show say Florida dey pass legislation wey serve constituents. The Real Deal founder and publisher Amir Korangy tok say voters want to pay less tax and the cut make sense, adding say when government cut taxes, more money fit flow back into economy.
Premier Sotheby’s International Realty’s Adam Kaufman tok say any reason to bring costs down go push buyers further into Florida market and give sellers confidence to sell property at higher price. Voter Shana Goldwasser say she dey 100% confident say the law go fuel more migration, and she believe people go move from wherever dem dey coming from. Supporters at the forum frame the homestead expansion as fiscal discipline and say e go accelerate nationwide exodus from high-tax states.
But local officials see serious trouble. Broward County Commissioner Steve Gellen, for break at Southeast Florida Regional Climate Conference in Fort Lauderdale, warn say local governments and county no go get money again to fund resiliency. “We’re gonna be underwater. I suggest people grow gills because we’re not gonna be able to fund the resiliency,” Gellen tok. E also say: “Local governments aren’t gonna have the money any longer. The county’s not gonna have the money any longer.”
Di warning connect to flooding. As flood waters wash across parts of South Florida on Election Day, dem shut polling sites for eight counties and force relocation. Counties and cities stand to lose billions in property taxes wey normally dey fund stormwater and flood control structures. For South Florida, water management district wey cover about one-third of state, 16 counties and flood control for about 9.3 million people, expect to lose $415 million over next five years.
State analysis estimate say Miami-Dade County go lose $3.5 billion over five years, Broward County $2.1 billion, and Palm Beach County $2.5 billion. Voters for flood-prone areas like Miami-Dade County, Broward County and Palm Beach County still overwhelmingly approve Amendment 3, and Tampa area voters also endorse am. Only Leon and Alachua counties, home to state biggest universities, reject the measure, while Gadsden County for Panhandle na draw.
