WEST PALM BEACH, Fla. (CBS12) — Florida voters will decide three proposed amendments to the state constitution on Nov. 3.
The measures address the state’s rainy-day fund, a property-tax exemption for certain agricultural equipment and a broader proposal to change homestead exemptions and property-tax rules.
Each amendment needs support from at least 60% of voters statewide to pass, according to the Florida Division of Elections. All three measures were placed on the ballot by the Legislature.
While Amendment 3 has drawn most of the attention, the other two measures could also affect Florida’s finances and local communities.
Here is a closer look at the statewide amendments:
Amendment 1: Budget Stabilization Fund
Amendment 1 would expand the maximum amount Florida may keep in its Budget Stabilization Fund, commonly known as the state’s rainy-day fund.
The current constitutional cap is 10% of general-revenue collections. The proposal would raise the cap to 25%.
It would also require lawmakers to transfer the lesser of $750 million or the amount needed to reach the new cap each year, unless certain conditions are met. The measure would allow the Legislature to withdraw money for what the ballot summary calls “critical state needs.”
In plain English: The amendment would allow Florida to reserve more tax revenue for future emergencies, disasters or other major state needs rather than spending it immediately.
Proposed Constitutional Amendments for the General ElectionPDF preview
Amendment 2: Agricultural property-tax exemption
Amendment 2 would exempt certain tangible personal property on agricultural land from property taxes beginning in the 2027 tax year.
To qualify, the property must be regularly kept on land classified as agricultural, used to produce agricultural products or for agritourism, and owned by the landowner or leaseholder.
The amendment does not list every item that would qualify. It leaves conditions, limitations and definitions to the Legislature.
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In plain English: Farmers and agricultural-land leaseholders could receive a property-tax break on eligible equipment and other physical property used in farming or agritourism. Because the property would no longer be taxed, local governments could collect less revenue from those qualifying items.
Amendment 3: Homestead exemption and property-tax changes
Amendment 3 would make several changes to Florida’s property-tax system.
For homesteaded property, the amendment would increase the exemption from non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with future inflation adjustments. It would not apply to school-district levies.
The proposal also would lower the annual cap on assessment increases for non-homestead property from 10% to 5%, starting in 2027.
People who were not Florida residents by Dec. 31, 2026, would initially receive the existing homestead exemption and become eligible for the increased exemption in their fifth year of exemption, subject to constitutional limits.
The amendment also specifies allowable uses for county and municipal property-tax revenue, including public safety, schools, infrastructure, natural-resource projects, debt service, retirement obligations and government operations.
In plain English: Many homeowners could owe property taxes on a smaller portion of their home’s assessed value, while some non-homestead property owners would see slower increases in assessed value. The tradeoff is that counties and cities could have less property-tax revenue available for local services.
The three statewide constitutional amendments will appear on all Florida general-election ballots. Voters may also see county, municipal or special-district referendums depending on where they live.