Want to know how much Amendment 3 could save you?
The proposed constitutional amendment that will be before all Florida voters on Nov. 3 It would significantly expand Florida's homestead exemption and reduce assessment caps on certain properties.
Local governments and other entities across the state are bracing for potential sharp cuts to services if the measure were to pass with 60% voter approval. But how much would homeowners save on their annual property taxes?
Fort Lauderdale-based engineering and consulting firm Brizaga, Inc., has created a database that estimates those savings. The tool is available at propertytaximpact.com.
Simply enter your address, and the database will estimate your potential tax savings. It also shows the projected impact
on your city and county, including estimated revenue losses in 2027 and 2028, the percentage of each government's general fund that would be affected, and links to detailed budget analyses. If your home is in an unincorporated area, it will not show the impact on your governing body.
What Amendment 3 could mean for homeowners
Michael Antinelli, founder of Brizaga, said the firm developed the database as a public service to help voters make an informed decision. He said the company is not taking a position on the amendment.
The amendment would increase the homestead exemption on non-school property taxes from $50,000 to $150,000 in 2027 and to $250,000 in 2028, reducing the taxable value of many owner-occupied homes. Supporters argue the change would provide relief to homeowners facing rising property values and higher tax bills.
The proposal also would reduce the annual assessment cap for certain non-homesteaded properties from 10% to 5%.
Palm Beach County officials estimate the county could lose nearly $400 million in annual revenue once the expanded exemptions are fully implemented. County commissioners have already postponed more than $600 million in capital projects until voters decide the amendment's fate.
Palm Beach County Fire Rescue would lost nearly a third of its revenues or $147 million if the amendment passes. It is a separate taxing district that receives its fund through taxes charged to areas that it services.
Many analysts see Amendment 3 as one of the most decisive policy decisions to be put before Florida voters, potentially shaping the Sunshine State for years to come. Approval will require 60% of voters to vote yes.
The amendment would shift costs onto renters, small businesses and shoppers. And it would further erode home rule, according to the Florida Association of Counties.
Property Appraiser Dorothy Jacks has warned that some local governments may respond by increasing millage rates to offset lost revenue, potentially reducing the tax savings some homeowners expect to receive.
Mike Diamond is a journalist atThe Palm Beach Post, part of the USA TODAY Florida Network. He covers Palm Beach County government. You can reach him at mdiamond@pbpost.com. Help support local journalism. Subscribe today.
This article originally appeared on Palm Beach Post: See how much Amendment 3 could save on your tax bill
