FLORIDA – Florida voters will consider three proposed constitutional amendments during the November 3 general election, with measures addressing government finances and property taxation.
Each amendment requires approval from at least 60% of voters casting ballots on the proposal to become law.
Amendment 1 would increase Florida’s Budget Stabilization Fund limit from 10% to 25% of general revenue collections. The proposal also establishes annual funding requirements of up to $750 million and modifies provisions governing withdrawals for critical state needs.
Amendment 2 would create a property tax exemption for qualifying tangible personal property used in agricultural production or agritourism. Eligible assets could include farming equipment, machinery and other business property located on agricultural land. The exemption would begin with the 2027 tax year if approved.
Amendment 3 proposes changes to Florida’s homestead exemption and property assessment rules. The exemption for taxes other than school district taxes would increase to $150,000 in 2027 and $250,000 in 2028, followed by inflation adjustments.
The measure would also reduce the maximum annual assessment increase for non-homestead properties from 10% to 5%.
Additional provisions would address eligibility for new Florida residents, local government spending restrictions and expanded homestead exemptions authorized by local governments.
All three amendments were placed on the statewide ballot by the Florida Legislature.
Voters may approve or reject each proposal independently. Approved amendments would modify the Florida Constitution, with certain property tax provisions scheduled to take effect January 1, 2027.