Every August, Florida property owners open the same envelope. The Truth in Millage notice lays out last year's assessed value, this year's assessed value and the tax each local government proposes to levy against it. For a family in a homesteaded house, the assesLsment line usually moves slowly. For the owner of a strip center, a small office building, a rental duplex or a warehouse, it can move much faster, because the constitutional cap on yearly assessment increases for those properties is 10 percent, not 3 percent.
Amendment 3 on the Nov. 3, 2026 general election ballot would change that number and several others. The Florida Division of Elections publishes the official ballot title and summary for Amendment 3, titled "Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments." The window to request a mail ballot in Miami-Dade closed Thursday, Oct. 22, 2026, at 5 p.m., according to the Miami-Dade Supervisor of Elections vote-by-mail page. Early voting runs in Miami-Dade through Sunday, Nov. 1, and mail ballots already requested must be received by 7 p.m. on Election Day, Nov. 3.
What follows is a plain reading of the official text from the point of view of people who own or lease business and investment property. It does not recommend a vote. It explains what the ballot language says, which taxes it touches and which it does not, and when any change would begin.
The Ballot Language in Full Context
The amendment was placed on the ballot by the Florida Legislature, through House Joint Resolution 1F, rather than by a citizen petition. The Division of Elections lists the sponsor as the Florida Legislature and the House, the ballot number as 3 and the date it made the ballot as June 16, 2026. It would amend Article VII, Sections 4, 6 and 9, and Article XII of the Florida Constitution.
The official summary has five working parts. It raises the homestead exemption for non-school taxes. It sets a later start for people who are not Florida residents on Dec. 31, 2026. It lowers the cap on assessment increases for non-homestead property. It limits what counties and municipalities may spend property tax revenue on. And it sets an effective date of Jan. 1, 2027.
Under Article XI, Section 5 of the Florida Constitution, it needs approval from at least 60 percent of voters casting a ballot on the measure to take effect.
The 5 Percent Cap on Non-Homestead Property
For most business owners and landlords, the sentence that matters most is short. In the words of the ballot summary, "This amendment reduces the annual cap on assessment increases for non-homestead properties from 10% to 5%."
Non-homestead property is everything that is not someone's permanent, homesteaded residence. That includes commercial buildings, industrial property, vacant land, rental homes, apartment buildings and second homes. Under the current constitution, the assessed value of those properties can rise by no more than 10 percent a year for most local levies, even if market value climbs faster, until the property sells or is substantially changed.
The amendment text adopted by the Legislature applies the new limit "for all levies other than school district levies," and sets the cap at "five percent (5%)" beginning Jan. 1, 2027. In practice, that means the 5 percent ceiling would govern how fast the assessed value used for county, city and most special district taxes can grow. It would not change how school district taxes are assessed on the same property.
A cap limits the growth of assessed value, not the tax rate. Local governments still set millage rates each year. An owner's bill depends on both numbers, so a lower cap does not by itself guarantee a lower bill, and a higher market value does not by itself guarantee a higher one.
School Taxes Are Treated Separately
The school carve out appears twice in the official language. The homestead exemption increase applies "for all non-school taxes," and the lower assessment cap applies to "all levies other than school district levies."
For a commercial owner, that distinction is worth tracking on the tax bill itself. The school board portion of a Florida property tax bill is listed separately from the county, city and special district portions. If Amendment 3 passes, the school lines would continue under the existing rules, while the other lines would follow the new 5 percent cap.
What Changes for Homestead Owners
Many business owners also own a home, and the amendment changes that side of the ledger too. According to the ballot summary, it "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 also requires the Legislature to set a uniform procedure that counties and municipalities could use to increase the homestead exemption for their own levies up to full assessed value, and allows special districts to do the same if voters approve in a referendum.
The summary adds a residency rule. People who are not Florida residents on Dec. 31, 2026, would receive the existing homestead exemption upon qualifying, with the increased exemption beginning in the fifth year of exemption, "to the extent permitted by the U.S. Constitution." Owners who are relocating to Florida, or hiring staff who are, may want to note that date.
Limits on How Local Governments Spend Property Taxes
The fourth part of the summary concerns spending rather than assessments. It "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."
The same sentence continues that other expenditures may be approved by county officers or by county or municipal governing bodies unless prohibited by general law, notwithstanding the existing constitutional provision that allows counties and municipalities to levy property taxes for their respective purposes.
For business owners, this part matters less to a single tax bill and more to the local programs a business may use, such as grants, incentives or economic development spending funded by general revenue. The ballot text does not name specific programs, and how local governments would apply the listed categories would be settled after the vote, through budgets and general law.
What It Could Mean for Leases and Budgets
Many commercial leases in South Florida pass property taxes through to tenants, either directly or through common area charges. Where that is true, a change in how fast assessed value can grow would show up first in the landlord's bill and then in the tenant's reconciliation. Tenants who want to model the effect should start with their lease language on taxes and with the most recent Truth in Millage notice for the property.
Landlords and owners budgeting for 2027 and later can look at three numbers on the current notice: the market value, the assessed value and the gap between them. Under any cap, the assessed value tends to trail market value when prices rise quickly. A lower cap could widen that gap for non-school levies over time, while the school levies would continue to follow existing rules.
Owners tracking local market conditions may find context in recent coverage of slowing Miami-Dade property value growth and the Miami-Dade retail rent tenant playbook, both of which touch the costs that property taxes feed into.
None of these changes would begin before Jan. 1, 2027, the effective date in the ballot summary.
Key Dates for Voters Who Own Property
The Miami-Dade County Office of the Supervisor of Elections set the deadline to request a vote-by-mail ballot for the general election at Thursday, Oct. 22, 2026, at 5 p.m., and that deadline has passed. Its written policy says requests are accepted no later than 5 p.m. on the 12th calendar day before the election. Questions can go to votemiamidade.gov or 305-499-8444.
Completed vote-by-mail ballots must be received by the Supervisor of Elections no later than 7 p.m. on Election Day, Tuesday, Nov. 3. The county says mail ballots cannot be dropped off at Election Day polling places, but can be returned at a secure ballot intake station at any early voting site during its hours.
The Florida Department of State says all 67 counties offer early voting from Oct. 24 to Oct. 31, and some counties offer additional days. Miami-Dade lists its early voting period as Oct. 19 through Nov. 1. Voters in Broward, Palm Beach and other counties should check their own Supervisor of Elections for local dates.
How to Read the Full Text Yourself
The ballot summary is a condensed version of a much longer amendment. Owners who want the exact language can open the official summary page from the Division of Elections, which links to the full text and to the bill history for House Joint Resolution 1F. The Department of State also publishes a constitutional amendment booklet with the ballot title, summary and full text for every amendment on the 2026 ballot.
For a specific property, the most useful next step is the county property appraiser, which can explain how a parcel is classified, whether it is homestead or non-homestead, and how its current assessment was calculated. A tax adviser or real estate attorney can help apply the amendment's language to a particular lease or portfolio.
Sources
Florida Division of Elections, Constitutional Initiatives: Amendment 3 ballot title and summary.
Florida Senate, HJR 1F enrolled text, assessment limitation language for non-school levies.
Miami-Dade County Office of the Supervisor of Elections, vote-by-mail request deadline release and vote-by-mail page.
Florida Department of State, early voting and vote-by-mail release, Oct. 19, 2026.
Related
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Key Facts for Owners and Search
What does Florida Amendment 3 change for business property?
According to the official ballot summary, Amendment 3 reduces the annual cap on assessment increases for non-homestead property from 10 percent to 5 percent. Non-homestead property includes commercial buildings, rentals, vacant land and second homes. The amendment text applies the new cap to all levies other than school district levies, starting Jan. 1, 2027.
Does Amendment 3 apply to school property taxes?
No. The official language applies the higher homestead exemption to non-school taxes and applies the lower 5 percent assessment cap to all levies other than school district levies. School district taxes on the same property would continue under existing rules. The school portion appears as separate lines on a Florida property tax bill.
How much would the homestead exemption increase?
The ballot summary says the homestead exemption for all non-school taxes would rise to $150,000 in 2027 and $250,000 in 2028, then adjust for inflation. People who are not Florida residents on Dec. 31, 2026, would get the existing exemption first, with the increased exemption starting in their fifth year of exemption.
When is the deadline to request a mail ballot in Miami-Dade?
The Miami-Dade Supervisor of Elections set the deadline to request a vote-by-mail ballot for the general election at 5 p.m. on Thursday, Oct. 22, 2026, and that window has closed. Early voting in Miami-Dade runs through Nov. 1. Completed mail ballots must be received by 7 p.m. on Tuesday, Nov. 3, 2026.
When would Amendment 3 take effect if approved?
The official ballot summary states that the amendment takes effect Jan. 1, 2027. Under Article XI, Section 5 of the Florida Constitution, it needs at least 60 percent of the votes cast on the measure in the Nov. 3, 2026 general election. The homestead exemption increases phase in during 2027 and 2028.