Amendment 3 on the Nov. 3 ballot would change Florida’s property tax structure, lowering bills for homeowners while reducing revenue for cities and counties. Real estate professionals say it could also reshape the housing market, including in Palm Beach County.
A 2025 study by Realtor.com estimated home values in Florida could rise 7% to 9% if the measure passes. Jeff Lichtenstein, a broker with Echo Fine Properties in Palm Beach Gardens, said he does not expect increases that large. He does expect a rush of buyers if the amendment passes.
“You better be prepared because if it happens, it will happen fast,” Lichtenstein said.
The timing matters. Under the proposal, homeowners must be homesteaded in Florida by Dec. 31 to receive the full tax savings right away. New buyers moving to the state would face a five-year wait to get the full homestead exemption, which could push people to buy before the deadline.
The Florida Realtors supports the amendment but is not convinced prices will climb quickly. Its CEO, Margy Grant, said home costs follow supply and demand, and that prices have stabilized in recent months as inventory has grown.
To pass, Amendment 3 needs 60% of the vote on Nov. 3.
