Florida Amendments 1, 2 & 3: What Property Owners Should Know Before Voting

Florida voters will see three proposed constitutional amendments on the November 3, 2026 ballot, and all three have a connection to property, taxation, or the way Florida manages taxpayer dollars.

As a REALTOR®, a Florida property owner and someone who has spent years involved with our state and local REALTOR® associations, I believe part of my job is education. I don't believe in telling people how to vote. I do believe in understanding what is actually on the ballot before we make that decision.

And these amendments deserve more than a quick glance in the voting booth.

Amendment 1: How Much Should Florida Keep in Reserve?

Amendment 1 deals with Florida's Budget Stabilization Fund, commonly thought of as the state's rainy-day fund.

Currently, the Florida Constitution limits that fund to 10% of the previous year's general revenue collections. Amendment 1 would raise that maximum to 25%. It would also generally require the Legislature to transfer the lesser of $750 million or the amount needed to reach the 25% level each year, unless certain conditions are met. The amendment would also allow the Legislature to withdraw funds for critical state needs.

This is where the debate gets interesting.

Supporters argue that Florida is vulnerable to hurricanes, economic downturns and unexpected emergencies. A larger reserve could give the state additional protection when those events occur.

That is a reasonable argument.

But there is another side.

Governor Ron DeSantis has publicly opposed Amendment 1. His administration has argued that Florida already maintains substantial reserves and that additional surplus revenue could instead be considered for tax relief and other priorities rather than requiring more money to accumulate in this particular fund.

And that raises the question I think voters should consider:

How much savings is enough?

There is value in preparing for the unexpected. There is also value in asking how taxpayer dollars should be used when the state already maintains significant reserves.

The amendment isn't simply about whether Florida should save money. Florida already does.

The question is whether we should constitutionally allow - and in many years require - substantially more money to be placed into this particular fund.

Amendment 2: A Property-Tax Exemption for Florida Agriculture

Amendment 2 is much more specific.

It would create a property-tax exemption for certain tangible personal property used on qualifying agricultural land for agricultural production or agritourism.

Think about the equipment and property necessary to operate a farm or agricultural business. Under the amendment, qualifying property that is habitually located or typically present on agricultural land, used for agricultural production or agritourism, and owned by the landowner or leaseholder could be exempt from ad valorem taxation.

If voters approve the amendment, the exemption would first apply to tax years beginning January 1, 2027.

For many Tampa Bay homeowners, this amendment may seem less directly relevant than Amendment 3. But Florida agriculture remains an important part of our state's economy, particularly as development continues moving into areas that historically have been agricultural.

As growth changes communities throughout Hillsborough, Pasco, Polk, Manatee and Sarasota counties, questions about agricultural land, development and taxation are becoming increasingly important.

Amendment 3: The One Most Homeowners Will Notice

Amendment 3 directly addresses Florida property taxes.

The proposal would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and then $250,000 in 2028, with inflation adjustments afterward.

It would also reduce the annual assessment-increase cap on non-homestead properties from 10% to 5%.

That second provision matters beyond homeowners.

Non-homestead property can include investment properties and commercial real estate, so the amendment could affect investors and business owners as well.

Governor DeSantis has supported Amendment 3 and has argued that rapidly rising property values have resulted in local governments collecting substantially more property-tax revenue.

Opponents and some local governments have raised a different concern: property taxes fund local services, and substantially reducing those revenues could eventually require spending changes, replacement revenue or other adjustments.

Again, this is why I think it is important to read beyond a campaign slogan.

Three Amendments - Three Different Questions

Although all three amendments involve money and property in some way, they really ask voters three very different questions:

• Amendment 1: How much money should Florida be permitted - and sometimes required - to keep in its Budget Stabilization Fund?
• Amendment 2: Should qualifying agricultural equipment and tangible personal property receive a property-tax exemption?
• Amendment 3: Should Florida substantially increase the homestead exemption for non-school property taxes while also limiting assessment increases on non-homestead property?

There are legitimate arguments on both sides of these questions.

My purpose in writing this isn't to tell anyone which oval to fill in.

It is to encourage Florida property owners to understand what those ovals actually mean.

Why I'm Writing About This on a Real Estate Website

Real estate isn't just about bedrooms, bathrooms and sales prices.

Property taxes matter. Local government matters. Infrastructure matters. Insurance matters. Land-use decisions matter. And state constitutional policy can ultimately affect what it costs to own property in Florida.

My background in education taught me something I still believe deeply: knowledge is power.

When something affects Florida homeowners, buyers, sellers, investors or businesses, I would rather explain it in ordinary English and give people enough information to ask good questions than simply tell them what to think.

That's what I hope to do here.

This article is provided for general educational purposes and is not legal or tax advice. Voters should review the official ballot language before voting.

Official ballot information: Florida Division of Elections - Constitutional Initiatives.