Here’s what to know about Florida’s newest amendment proposals

TALLAHASSEE, Fla. – Property taxes, state budgets, and more are on the line when Florida voters hit the polls in November.

That’s because there are three amendments set to appear on the ballots during this year’s general election — and they’ll need 60% approval from voters to pass.

AMENDMENT 1

This proposal would change the state constitution to increase the amount of funds that can be retained in the budget stabilization fund (BSF).

For context, the BSF was established in 1992, and it can be used to:

• Offset a deficit in the general revenue fund

• Provide funding for an emergency declared by the governor

• Meet temporary cash-flow deficiencies

Typically, the amount of funds that can be kept in the BSF is capped at 10% of general revenue collections. However, Amendment 1 bumps that up to 25%.

It would also require annual deposits of up to $750 million until that level is reached, while still allowing withdrawals for revenue shortfalls, emergencies and certain critical state needs.

“Amendment 1 keep Florida prepared for storms, emergencies, and downturns without raising taxes,” Florida GOP Chairman Evan Power said.

However, Gov. Ron DeSantis called the plan “foolish,” saying that additional revenue should instead be used to lower taxes and help local governments with grants.

The ballot language is as follows:

“Proposing an amendment to the State Constitution to increase the amount of funds that may be retained in the budget stabilization fund from 10% to 25% of general revenue collections, require the legislature to transfer the lesser of $750 million or the amount required to reach 25% of the general revenue collections each year unless certain conditions are met, and allow the legislature to withdraw funds for critical state needs.”

Amendment 1 Ballot Language

AMENDMENT 2

According to Legislative analysts, this proposal would exempt farming equipment and similar items from property taxes when:

• typically present on agricultural land;

• used in the production of agricultural products or for agritourism activities; and

• owned by the landowner or leaseholder of the agricultural land

Specifically, the amendment refers to “tangible personal property,” though this can refer to a wide variety of physical goods, including machinery, appliances, tools and other sorts of business property.

Under current rules, these goods are subject to property taxes in a similar manner to how homes and other buildings are taxed.

While there are some exemptions already, Amendment 2 aims to establish another exemption specifically for property as outlined above.

The ballot language is as follows:

“Proposing an amendment to the State Constitution to exempt tangible personal property habitually located or typically present on land classified as agricultural, used in the production of agricultural products or for agritourism activities, and owned by the landowner or leaseholder of the agricultural land from ad valorem taxation. If approved this amendment would first apply for tax years beginning January 1, 2027.”

Amendment 2 Ballot Language

AMENDMENT 3

This proposal would provide a new homestead exemption for non-school taxes for residents across the state.

Current homestead exemption rules in the state operate as follows, with two different brackets of assessed value being tax exempt:

But under Amendment 3, the exemptions would apply solely to non-school taxes, though the exempted amount would raise dramatically:

• 2027 — First $150,000 of assessed value

• 2028 — First $250,000 of assessed value

• 2029 onward — First $250,000 of assessed value, indexed to inflation

However, this only applies to homeowners who are permanent residents of Florida before the proposed amendment takes effect on Jan. 1, 2027. For newcomers, the timeline is a bit different.

Amendment 3 instead provides new residents with a five-year homestead exemption that comes out as follows:

After this five-year period, the new residents will then be eligible for the higher exemption.

Meanwhile, the amendment also reduces the annual non-homestead property assessment growth cap from 10% to 5%, limiting how much these sorts of properties may be assessed each year.

In addition, the plan limits how local governments may spend property tax revenue:

• Public safety, including law enforcement, EMS and fire services

• Education and public schools

• Infrastructure, including roads, bridges and stormwater controls

• Natural resource projects, including flood control measures

• Issue local bonds for approved uses or to make debt service payments

• Meet obligations and retirement benefits of local government employees

• Fund the operations and administration of county officers and commissioners

The ballot language is as follows:

“This amendment increases the homestead exemption, for all non-school taxes, to $150,000 in 2027 and $250,000 in 2028, and adjusts for inflation thereafter. It requires the Legislature to prescribe a uniform procedure for counties and municipalities, for their respective levies, to increase the homestead exemption up to full assessed value, and allows special districts, subject to referendum approval, to do the same.

Persons who are not Florida residents on December 31, 2026, will receive the existing homestead exemption upon qualifying for a homestead exemption, with the increased homestead exemption beginning with the fifth year of exemption, to the extent permitted by the U.S. Constitution.

This amendment reduces the annual cap on assessment increases for non-homestead properties from 10% to 5%.

This amendment requires counties and municipalities to use property taxes solely for public safety, education and schools, infrastructure, natural resources, bond debt service, retirement benefits for employees, and operations and administration. Other expenditures may be approved by county officers or county or municipal governing bodies unless prohibited by general law, notwithstanding Article VII, Section 9(a) of the Florida Constitution, which allows counties and municipalities to levy property taxes for their respective purposes.”

Amendment 3 Ballot Language