ORLANDO, Fla. - eTradeWire -- With Florida voters preparing to consider Amendment 3, property taxes are becoming an increasingly important consideration for homeowners, buyers, investors and anyone considering a move to Central Florida.

The proposed constitutional amendment would change how certain homestead property is assessed for non-school property taxes. If approved by at least 60% of voters, the changes would begin taking effect in 2027.

Under the proposal, the homestead exemption for qualifying homeowners would increase to $150,000 in 2027 and $250,000 in 2028, with adjustments for inflation beginning in 2029. The expanded exemption would not apply to school-related property taxes.

The amendment would also reduce the annual assessment-growth cap on certain non-homestead properties, including many rental homes, second homes and commercial properties, from 10% to 5%.

Potential Impact on Central Florida

For Central Florida homeowners, the potential changes could have an impact on the cost of homeownership. However, the actual effect would vary depending on a property's assessed value, homestead status and local tax rates.

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The proposal could also have implications for people relocating to Florida. Under the proposed language, certain individuals who are not Florida residents as of December 31, 2026, would face different timing requirements before becoming eligible for the expanded homestead benefit.

At the same time, local governments have raised concerns about the potential reduction in property-tax revenue and how it could affect funding for public services, infrastructure and other community needs.

"Property taxes are an important part of the affordability equation when someone is buying a home," says Phil. "Regardless of how voters ultimately decide, homeowners and prospective buyers should understand how property taxes factor into their overall housing costs rather than looking only at the purchase price."

What Homeowners and Buyers Should Consider

For anyone considering purchasing or selling a home in Central Florida, Amendment 3 is another reason to look beyond the listing price and evaluate the complete cost of ownership.

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Homebuyers should consider:

• Current and potential future property taxes
• Homestead exemption eligibility
• Homeowners insurance costs
• HOA or condominium fees
• Potential assessments
• Financing and monthly payment costs

Homeowners should also consult their county property appraiser and tax professionals for information about how proposed changes could apply to their individual circumstances.

"Central Florida remains a diverse real estate market, and the financial impact of any property-tax change will depend on the individual property and homeowner," Phil said. "My role as a Realtor is to help clients understand the housing costs they need to consider so they can make informed decisions."

For more information about buying or selling a home in Central Florida, contact:

Phil Holliday
Preferred Real Estate Brokers
Phone: 702-525-7655
Email: Doc@PhilHolliday-Realtor.com
Website: PhilHolliday-Realtor.com or https://philipholliday.preferredrebrokers.com