By Billy Howell, Broker/Owner
Your Home Sold Guaranteed – Home Sold Florida, LLC

“What will it actually cost me to live here?”

That question deserves just as much attention as a home’s asking price.

For buyers in Palm Beach County, the answer includes mortgage payments, insurance, property taxes, maintenance, and sometimes substantial HOA or condominium fees. For existing homeowners, the question may be whether those expenses still fit comfortably within the household budget.

Florida’s proposed Amendment 3 could change part of that calculation.

The measure would expand the homestead exemption for qualifying primary residences, lower the assessment-growth cap for certain non-homestead properties, and establish rules for how counties and municipalities use property tax revenue. It requires at least 60% voter approval to pass.

The practical takeaway: qualifying homeowners could receive relief on non-school property taxes, but the outcome would depend on eligibility, assessed value, applicable tax rates, and future implementation. Buyers, newer Florida residents, and investment-property owners should not assume they would receive the same benefit.

What Would Change Under Amendment 3?

Florida voters will consider Amendment 3 in the November 3, 2026, election. If approved, the amendment would take effect January 1, 2027, with the larger homestead exemption phased in.

The proposed exemption for qualifying homestead properties would increase to:

· 2027: Up to $150,000.

· 2028: Up to $250,000.

· 2029 onward: Adjusted for inflation.

The expanded exemption would not apply to school district taxes. The proposal would also reduce the annual assessment-growth cap on qualifying non-homestead properties from 10% to 5% for non-school taxes.

The larger exemption would also not reduce non-ad valorem assessments—separate charges imposed by government entities that are not calculated from your property’s taxable value.

Those changes address different parts of the tax calculation. An exemption reduces taxable value. An assessment cap limits qualifying increases in assessed value. Neither, by itself, guarantees a particular final tax bill.

The proposal also calls for a legislative process that could allow counties and municipalities to further increase the exemption for their respective levies, potentially up to a qualifying home’s full assessed value. Special districts could also increase the exemption subject to referendum approval. These additional increases would require future action and should not be treated as guaranteed tax elimination.

Start With Your Property’s Numbers

A statewide headline cannot tell you exactly what a proposal would mean for your home.

For a useful starting point, review your property record and identify:

· Assessed value: the value used before applicable exemptions.

· Exemptions: qualifying reductions used to determine taxable value.

· Taxable value: the amount subject to a particular taxing authority’s rate.

· Taxing authorities: the governments and districts listed on your bill.

Florida’s existing homestead exemption already treats school and non-school taxes differently. The Palm Beach County Property Appraiser explains that the initial $25,000 exemption applies to all property taxes, including school taxes, while the additional qualifying exemption does not apply to school district taxes.

That distinction would remain important under the proposal. The school-tax exemption would remain $25,000.

A larger non-school exemption could reduce part of a qualifying homeowner’s tax bill without producing the same reduction in the school portion.

A Larger Exemption Is Not a Dollar-for-Dollar Tax Credit

An exemption of $150,000 does not mean a homeowner receives $150,000 in tax savings.

It means qualifying assessed value is excluded from the applicable tax calculation.

Consider a hypothetical home with an assessed value of $350,000. A larger exemption could reduce the value subject to non-school taxes, but the dollar savings would still depend on the applicable rates, other exemptions, and the proposal’s implementation.

For that reason, I would not recommend budgeting around a statewide average or a neighbor’s estimate.

The Palm Beach County Property Appraiser offers an Amendment 3 Homestead Calculator for properties that currently receive a homestead exemption. It estimates the potential effect of the proposed exemption changes, but it does not calculate the separate non-homestead assessment-cap change or guarantee future savings.

Treat any projection as an estimate, not a guaranteed future bill.

Moving to Florida? Check Eligibility Before Counting on Savings

For buyers relocating to Palm Beach County, the timing rules deserve particular attention.

Under the published ballot language, people who are not Florida residents on December 31, 2026, would receive the existing homestead exemption upon qualifying, with the increased exemption beginning with their fifth year of exemption, to the extent permitted by the U.S. Constitution. Buyers should confirm how the implementing rules apply to their circumstances.

That is a reason to be careful when estimating the first several years of ownership. The rule should not be simplified to a guarantee based solely on years of residency.

A buyer moving to Boca Raton, Delray Beach, or Boynton Beach should not assume that purchasing a primary residence immediately qualifies them for the largest proposed exemption.

Before relying on a projected benefit, confirm your circumstances with the Palm Beach County Property Appraiser’s Office.

Also remember that homestead is not automatic when you move. The office states that a new application is required for a new residence. Under current requirements, applicants generally must qualify as of January 1 and submit their application by March 1 of the year the benefit will apply.

Buying a Home? Separate Your Tax Estimate From the Seller’s

A seller’s current tax bill is useful background, but it should not be the only number in your purchasing budget.

An existing owner may have assessment protections or exemptions tied to their ownership and eligibility. For example, the current Save Our Homes benefit limits qualifying annual increases in a homestead property’s assessed value to 3% or the change in the Consumer Price Index, whichever is lower.

That makes it important to obtain an estimate based on your purchase and circumstances rather than assuming the seller’s numbers will continue.

Before making a final decision, ask:

· What assessment should I use when estimating future taxes?

· Which exemptions would I qualify for?

· Could any existing assessment benefit be transferred?

· Which taxing authorities apply to the property?

· Are there additional assessments on the bill?

· How do taxes compare with insurance, association fees, and maintenance?

For a buyer comparing a Wellington house with a Boca Raton condominium, those questions create a more useful comparison than asking price alone.

Rental Properties and Second Homes Need a Different Analysis

The proposal would reduce the annual assessment-growth cap on qualifying non-homestead properties from 10% to 5% for non-school taxes. This could benefit certain second homes, rental properties, and commercial real estate. It would not cap their school-tax assessments, tax rates, or final tax bills.

These properties would not receive the expanded primary-residence homestead exemption. School taxes would remain based on just/market value without the non-homestead assessment limitation.

The proposal also changes rules surrounding local millage rates. A millage rate is the rate applied to taxable property value. Changes in that rate can influence the final bill even when assessment growth is limited.

For investors, the practical approach is to evaluate the combined effect of:

· Assessed value and applicable assessment protections.

· Tax rates.

· Insurance.

· HOA or condominium fees.

· Maintenance and repairs.

· Rental income and vacancy assumptions.

The lower assessment cap could be helpful, but it should not be treated as a stand-alone forecast of future operating costs.

What About Local Services?

Property tax relief also raises questions about local budgets.

The amendment would establish spending categories covering public safety, education, infrastructure, natural resources, debt obligations, employee retirement benefits, and government operations. The provisions also address additional expenditures approved by local governing bodies, subject to general law.

The effect on individual communities would depend on their tax bases, budgets, rates, and future decisions.

For homeowners, that means two separate questions deserve attention:

· How might the proposal change my property’s tax calculation?

· How might my local government respond?

A projected exemption benefit does not answer both questions.

Selling a Home? Present Tax Information Carefully

For sellers, the proposal is something to discuss accurately, not a savings figure to promise.

A buyer may have a different residency history, qualify for different exemptions, or need a different assessment estimate.

The better approach is to provide current property information while encouraging buyers to confirm their own future costs.

When preparing to sell, gather your tax bill, property record, exemption information, and association documents. That helps support a clearer ownership-cost conversation without presenting your current expenses as a guarantee for the next owner.

Your Next Step: Review the Full Cost of Ownership

Whether you are staying, buying, or selling, start with information specific to the property and household.

Review your current record. Confirm your exemptions. If you are buying, request an estimate based on your expected ownership circumstances. Then consider property taxes alongside insurance, financing, association expenses, and maintenance.

Potential tax relief can matter. So can the rest of the monthly budget.

Planning a Move in Palm Beach County?

Before you buy or sell, look beyond the asking price.

Billy Howell and Howell Realty Group can help you compare the real estate factors that shape ownership costs and identify property-tax questions to confirm with the appropriate professionals.

Explore your options at HowellRealtyGroup.com.

Suggested button: Discuss Your Buying or Selling Plans

This article provides general information, not legal or tax advice. Proposed provisions are subject to voter approval, implementation, and official interpretation. Confirm property-specific eligibility and tax questions with the Palm Beach County Property Appraiser or a qualified adviser.

PUBLICATION NOTE: This version is written before the November 3, 2026, election. If publishing after the election, confirm the outcome and update all proposed-versus-approved language. Verify provisions and eligibility against official sources before publication.