Florida homeowners will soon get some relief from rising property tax bills. On Election Day, November 3, voters approved Amendment 3 by about 62%, according to the Associated Press (the threshold to pass was 60^), setting the stage for a much larger homestead exemption on qualifying primary residences.

But...the change won't happen overnight, and not every homeowner will qualify for the full benefit when the measure takes effect. Here's more to know.

Florida voters approve Amendment 3 homestead property tax exemption

The big change

Amendment 3 brings is how much of a home's assessed value homeowners can shield from non-school property taxes. Under the measure, that additional Florida homestead exemption increases from $50,000 to $150,000 in 2027, then to $250,000 in 2028.

The amount will then rise with inflation beginning in 2029.

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