Amendment 3 Protects Renters and Makes Homeownership More Affordable

All Floridians Win with Amendment 3

TALLAHASSEE, Fla. – Amendment 3 puts Florida renters and homeowners first by limiting property-tax pressure on rental properties, creating a pathway for direct renter tax relief, and substantially reducing the property-tax burden of homeownership.

For rental and other covered non-homestead property, Amendment 3 cuts the annual assessment-growth limit from 10 percent to 5 percent. It also expressly gives the Legislature the authority to provide property-tax relief directly to permanent-resident renters.

And for Floridians ready to make the move from renting to owning, Amendment 3 reduces one of the significant ongoing costs of homeownership by increasing the homestead exemption for non-school property taxes from $50,000 to as much as $250,000.

Florida GOP Chairman Evan Power released the following statement:
“Florida’s property-tax system should work for the people who call our state home, whether they’re renting today, buying their first home tomorrow, or have owned their home for decades.

“Amendment 3 strengthens protections on rental property by cutting the annual assessment-growth limit on covered non-homestead property from 10 percent to 5 percent. It gives the Legislature the ability to provide property-tax relief directly to Florida renters. And when a renter becomes a homeowner, Amendment 3 substantially reduces the property-tax burden that comes with owning that home.

“For too many Floridians, the cost of owning a home doesn’t end when they get the keys. Property taxes remain a significant ongoing expense. Increasing the homestead exemption from $50,000 to as much as $250,000 means substantially more of a qualifying Florida homeowner’s property is protected from non-school property taxes.

“Amendment 3 addresses both sides of the affordability equation: protecting renters today and reducing the property-tax burden of homeownership tomorrow.”

AMENDMENT 3: RELIEF FOR FLORIDIANS

PROTECTS RENTAL PROPERTY: Cuts the annual assessment-growth limit on covered non-homestead property from 10% to 5%.

PROVIDES A PATHWAY FOR RENTER RELIEF: Expressly authorizes the Legislature to provide property-tax relief to permanent-resident renters.

SAVES HOMEOWNERS MONEY: Increases the homestead exemption for qualifying homeowners for non-school property taxes from $50,000 to as much as $250,000.

MAKES HOMEOWNERSHIP MORE AFFORDABLE: Reduces the ongoing property-tax burden for Floridians who make the move from renting to owning.

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