Florida voters approved Amendment 3 on Nov. 3 with 62% of the statewide vote, and Miami-Dade County residents are now looking at how local governments will fill the gaps it leaves in their budgets. The measure raises the homestead exemption for owner-occupied homes, but only for people who have lived in Florida for at least five years.
The exemption is worth $50,000 this year. It rises to $150,000 in 2027 and $250,000 in 2028, after which it will be tied to the Consumer Price Index. Miami-Dade Property Appraiser Tomás Regalado told Axios the average county homeowner will save about $1,700 in 2027 and $2,700 in 2028.
The amendment also cuts in half the annual cap on tax increases for non-homestead property, such as rentals, vacation homes and commercial buildings. Supporters say that protects renters and businesses. Critics say the change does not go far enough.
The Florida Policy Institute estimates the measure will cut $1.5 billion from Miami-Dade’s budget by the end of 2028. The county commission approved a $14.3 billion budget this year. Fire rescue, children’s services, water and environmental services and public libraries all face potential reductions.
The ballot language requires cities to keep funding “core services,” but libraries, public transit, parks, animal shelters, homeless services, cultural events and local grant programs could still be at risk, according to researchers. The Economic Policy Institute projects up to 12,000 positions could be eliminated by 2028.
Mayor Daniella Levine Cava told county employees in a letter that the measure will bring “significant challenges.” The county’s initial response is expected early next year, according to the Miami Herald. Final budget decisions will come in the 2027 cycle.
