Amendment 3 & Florida Keys Property Taxes: What to Know

Florida's November ballot includes a significant property tax measure that could reshape the cost of homeownership across the state. Amendment 3 proposes raising the homestead exemption to $150,000 in fiscal year 2027, then further to $250,000 in fiscal year 2028. For most Florida counties, that kind of shift would mean a substantial reduction in assessed taxable value — and a corresponding hit to local government budgets.

In Monroe County, however, the situation looks a bit different. According to the county's property appraiser, the unique nature of Keys real estate — including high property values, a large share of non-homesteaded vacation and investment properties, and the relatively small number of year-round primary residents claiming homestead status — means the fiscal impact may be more manageable than elsewhere. The original report breaks down the local analysis in detail.

For prospective buyers weighing a permanent move to the Florida Keys, this is worth understanding on two levels. First, if you plan to establish primary residency and claim homestead status, a higher exemption could meaningfully reduce your annual property tax bill — a genuine long-term savings. Second, if you're purchasing a vacation home or investment property, those non-homesteaded properties would not benefit from the expanded exemption, and they already carry a heavier tax load in the Keys relative to assessed value.

The amendment still requires voter approval, and its full effects will depend on how local governments adjust millage rates in response. Buyers doing financial planning for a Keys relocation should factor in both the potential upside of expanded homestead savings and the broader fiscal environment that local municipalities will be navigating.

What this means if you're moving to Florida: If you're planning to make the Florida Keys your permanent primary residence, Amendment 3 could deliver meaningful property tax relief starting in 2027 — but understanding the homestead eligibility rules before you buy is essential to capturing that benefit.