If you buy a Tampa Bay home and make it your permanent residence by January 1, you can apply for Florida’s homestead exemption with your county Property Appraiser by March 1. Today that’s worth up to about $51,000 off your home’s assessed value, and it caps how fast your assessment can rise. Amendment 3 on the November 3, 2026 ballot would make the exemption much larger for non-school taxes, but people who aren’t Florida residents by December 31, 2026 would wait until their fifth year to get the bigger amount.
Florida property taxes come up with a lot of the people I work with who are moving here, so here’s how it works in Hillsborough, Pasco and Pinellas, and what a YES vote and a NO vote on Amendment 3 would each mean. This isn’t legal or tax advice, and I’m not telling anyone how to vote. Related read: Tampa Bay Property Tax Bills: What Relocators Should Know First.
Everything here is current as of Oct 18, 2026.
How Does the Florida Homestead Exemption Work Today?
The rules are the same statewide, so they work the same way in all three counties. The Florida Department of Revenue explains it this way (DOR PT-113):
The first $25,000 of assessed value is exempt from all property taxes, including school taxes.
A second exemption of up to $25,000 applies to assessed value over $50,000, and only to non-school taxes. That second piece is adjusted each year for inflation.
For 2026, the Pinellas County Property Appraiser lists the total at up to $51,411: $25,000 on all taxes plus $26,411 on non-school taxes (Pinellas County Property Appraiser).
So when you hear “the $50,000 homestead exemption,” know that it doesn’t take $50,000 off every line of your bill. School taxes only get the first $25,000.
Who qualifies, and when do you file?
You have to own the home and make it your permanent residence (or your dependent’s) as of January 1, then file the application, Form DR-501, with the Property Appraiser in the county where the home is by March 1 (DOR DR-501). Your Property Appraiser may ask for things like a Florida driver license, Florida vehicle registration and voter registration to show residency. Only the Property Appraiser decides whether you qualify. If you later rent the home out or it stops being your permanent home, you lose the exemption (DOR PT-113).
What Is the Save Our Homes Cap?
Starting the year after your home gets homestead, its assessed value can’t go up more than 3% a year or the change in the Consumer Price Index, whichever is lower. For 2026, that cap was 2.7% (DOR Save Our Homes table).
Over time, the gap between your home’s market value and its capped assessed value becomes your Save Our Homes benefit. That’s why two similar homes on the same street can have very different tax bills.
Why Shouldn’t You Budget Off the Seller’s Tax Bill?
Because the cap doesn’t transfer to you. When a homestead property sells, it loses the Save Our Homes benefit and gets reassessed at market value the next January 1 (DOR PT-112). If the seller has owned the home a long time, your first full tax bill could be a lot higher than theirs.
This is the one I’d flag first. Use the county estimator with your purchase price, not the seller’s current bill. And while you’re looking at the bill, check for CDD and other non-ad valorem lines, because homestead doesn’t reduce those. Related read: What Is a CDD Fee in Tampa Bay?
Can You Bring Your Tax Savings With You From Another Florida Home?
Yes, if you’re moving from one Florida homestead to another. It’s called portability. You can transfer all or part of your Save Our Homes benefit to the new home, up to $500,000 (Pinellas County Property Appraiser). You have to set up the new homestead within three years of January 1 of the year you left the old one, and file Form DR-501T with your homestead application by March 1 (DOR PT-112). If you downsize, you can port a percentage of the benefit instead of all of it.
Portability doesn’t come with you from another state. It only applies to a prior Florida homestead.
How Are Second Homes and Rentals Taxed in Florida?
A second home, rental or investment property doesn’t get the homestead exemption. Its assessed value can still only go up 10% a year, but that cap doesn’t apply to school taxes, and it resets to market value after a sale (Fla. Stat. 193.1554).
What Is Amendment 3 on Florida’s November 2026 Ballot?
Amendment 3 is a property tax amendment the Florida Legislature placed on the November 3, 2026 ballot. Like every constitutional amendment in Florida, it needs at least 60% of the vote to pass (Pinellas County Property Appraiser).
According to the official ballot summary, it would:
Raise the homestead exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, then adjust it for inflation. The $25,000 exemption on school taxes stays the same.
Have the Legislature set up a process that lets counties and cities raise the exemption for their own taxes, up to the home’s full assessed value. Special districts could do the same with voter approval.
Treat new residents differently. People who are not Florida residents on December 31, 2026 would get the existing exemption when they first qualify for homestead, with the larger exemption starting in their fifth year of exemption, “to the extent permitted by the U.S. Constitution.”
Lower the non-homestead cap from 10% to 5% a year (again, not for school taxes).
Limit what counties and cities can spend property tax money on to public safety, education and schools, infrastructure, natural resources, bond debt, employee retirement benefits, and operations and administration. Other spending could still be approved by local governing bodies unless state law prohibits it.
Take effect January 1, 2027.
The Pinellas County Property Appraiser says it would first show up on the August 2027 TRIM notices and the tax bills mailed in November 2027. It also says Save Our Homes, portability and the other personal exemptions would not change (Pinellas County Property Appraiser).
What Happens If Amendment 3 Passes, and What Happens If It Doesn’t?
If YES gets 60% or more: the changes above take effect January 1, 2027. Homestead owners who were Florida residents by December 31, 2026 would see the larger non-school exemption starting in 2027. New residents after that would start with the existing exemption and move to the larger one in their fifth year. Second homes and rentals would get the 5% cap. School taxes, millage rates and non-ad valorem assessments like CDD fees would still apply.
If it gets less than 60%: nothing changes. The current homestead exemption, Save Our Homes cap, portability and 10% non-homestead cap stay as they are.
What do supporters and opponents say?
Both sides have made their case publicly, and PolitiFact reviewed the arguments on October 13, 2026 (PolitiFact):
Supporters, including the Vote Yes on 3 campaign run by Florida Realtors, call it an affordability measure and say local governments can still put public safety first.
Opponents, including the Vote No on 3 coalition of sheriffs and city and county leaders, say the lost revenue would mean cuts to police, fire and emergency services, or higher fees and other taxes.
The state’s Office of Economic and Demographic Research estimated about $13.7 billion less local government revenue in the first two years and nearly $12 billion a year after that.
For transparency: Florida Realtors is my state trade association. I’m sharing what each side says so you can read the measure yourself.
What Does Amendment 3 Mean If You’re Moving to Tampa Bay?
A few things to keep in mind, whatever happens on November 3:
Your timing matters. Under the ballot summary, the December 31, 2026 residency date decides whether you’d get the larger exemption in 2027 or wait until your fifth year. Residency is a legal question, and only the Property Appraiser decides homestead eligibility.
Exemptions change taxable value, not tax rates. Local governments still set millage rates every year, and fees and assessments can change too (Pinellas County Property Appraiser).
Every county runs its own numbers. Hillsborough, Pasco and Pinellas follow the same state rules, but millage rates and non-ad valorem assessments vary by county, city and special district. Two homes at the same price can have different bills.
Budget the whole picture. Taxes are one line. Insurance, flood, HOA and CDD matter just as much. Related read: Six Ownership Cost Lines
Where Can You Estimate Taxes for a Specific Tampa Bay Home?
Each county Property Appraiser has a free estimator. Put in the purchase price and whether you’ll apply for homestead:
Hillsborough: Hillsborough County Property Appraiser Tax Estimator
Pasco: Pasco County Property Appraiser Estimate Taxes (find the parcel, then choose “Estimate Taxes”)
Pinellas: Pinellas County Property Appraiser Tax Estimator. Pinellas also has a detailed Amendment 3 FAQ.
These estimators use current law and recent millage rates. They won’t show Amendment 3 numbers unless it passes and the counties update them. Always check the details for a specific home with the county Property Appraiser.
When Is Early Voting in Hillsborough, Pasco and Pinellas?
Election Day is Tuesday, November 3, 2026. Early voting for the General Election:
Hillsborough: October 19 through November 1, 7 AM to 7 PM (Hillsborough Supervisor of Elections)
Pasco: October 19 through October 31, 7 AM to 7 PM (Pasco Supervisor of Elections)
Pinellas: October 19 through November 1, 7 AM to 7 PM (Pinellas Supervisor of Elections)
Check your county Supervisor of Elections for sites and hours.
Want Help Running the Numbers on a Home?
Call or text me at 813-495-7238. Send me the Hillsborough, Pasco or Pinellas homes you’re looking at, and I’ll help you pull the county estimate and read the tax bill before you write an offer.
Jennifer Messina Realtor | Tampa Bay (Hillsborough, Pasco, Pinellas) Luxury Service at Every Price Point Phone: 813-495-7238
This post explains public information as of Oct 18, 2026. It isn’t legal, tax or voting advice, and it doesn’t support or oppose any ballot measure. Exemption rules and tax estimates can change, so check the details for any specific property with your county Property Appraiser.
FAQ: Florida Homestead and Amendment 3
When do I have to file for homestead in Florida?
By March 1. You have to own the home and make it your permanent residence by January 1 of that tax year, then file Form DR-501 with your county Property Appraiser.
How much is the Florida homestead exemption in 2026?
Up to $51,411, according to the Pinellas County Property Appraiser. The first $25,000 applies to all property taxes, and the rest applies only to non-school taxes.
Do property taxes go up when you buy a home in Florida?
Often, yes. The seller’s Save Our Homes cap doesn’t transfer to the buyer. The home is reassessed at market value the January 1 after the sale.
If I move to Florida in 2027, would I get the $150,000 or $250,000 exemption?
Not right away, if Amendment 3 passes. People who aren’t Florida residents on December 31, 2026 would start with the existing exemption and get the larger one starting in their fifth year of homestead.
Does Amendment 3 get rid of school property taxes?
No. Only the first $25,000 of a homestead’s assessed value would be exempt from school taxes, the same as today.
What happens if Amendment 3 doesn’t pass?
The current rules stay in place: the existing homestead exemption, the Save Our Homes cap, portability and the 10% cap on non-homestead property.