Do new Florida homeowners get tax cuts under Amendment 3? Here’s the cutoff

Florida voters approveD the state’s latest property tax proposal — Amendment 3 — on Tuesday night, though it may raise a new question for some homeowners.Will it apply to me?For existing homeowners in the state, the answer is largely yes. The amendment will apply to homeowners who are permanent residents of Florida before the amendment takes effect on Jan. 1, 2027.For newcomers, though, the timeline is a bit different.WHAT DOES AMENDMENT 3 DO?Current homestead exemption rules in the state operate as follows, with two different brackets of assessed value being tax exempt:Assessed ValueApplication of Homestead Exemption (Current)The first $25,000Exempt from all property tax$25,000.01 -- $50,000Fully taxable$50,000.01 -- $75,000Exempt from non-school taxesRemaining valueTaxable, though other exemptions may applyBut under Amendment 3, the exemptions would apply solely to non-school taxes, though the exempted amount would raise dramatically:2027 — First $150,000 of assessed value2028 — Fi