Your MoneyFriday, November 6
Amendment 3 passed, and homeowners who already have a homestead exemption don't need to act
The 5AM Hollywood team
If you already have a homestead exemption, there's nothing to do. Voters passed Amendment 3 on Tuesday, and Broward Property Appraiser Marty Kiar says existing homestead owners will see their exemption go "from $50,000 to $150,000."
The homestead exemption rises to $250,000 by 2028
Sources: CBS Miami, WPLG Local 10
View as table
| Value | |
|---|---|
| Now | $50,000 |
| 2027 | $150K |
| 2028 | $250K |
- Broward letter on Amendment 3: due in January
- Miami-Dade: set up exemptions by March for next fall's bill
- Extension to apply: available through September
- 2026 tax bills: not affected
What you need to do depends on your situation
| Your situation | What to do |
|---|---|
| Already have homestead | Nothing; appraisers adjust it |
| New Florida resident | Establish residency by Dec. 31 |
| First-time applicant | Primary residence by Jan. 1 |
| Miss the deadline | Wait another year |
Sources: CBS Miami, WPLG Local 10
Higher amounts first show up on August 2027 TRIM notices, the Palm Beach County Property Appraiser's Office says, and what you owe depends in part on rates local taxing authorities adopt. Real estate agent Ron Falk expects a minimal boost to the market.
Sources: CBS Miami, WPLG Local 10, The Boca Raton Tribune