Amendment 3: What It Means for St. Petersburg, FL Homeowners, Sellers, and Buyers (2026)

Written by Kirby Drake, Real Estate Advisor | Engel & Völkers South Tampa | Serving St. Petersburg, FL and the Greater Tampa Bay Area | Last updated: October 2026

Amendment 3 is a proposed change to the Florida Constitution that will appear on the November 3, 2026 ballot. If at least 60 percent of voters approve it, it would raise the homestead exemption on non-school property taxes to $150,000 in 2027 and $250,000 in 2028, lower the annual assessment cap on non-homestead property from 10 percent to 5 percent, and give new Florida residents a smaller exemption for their first four years. It would not eliminate property taxes, it would not change school taxes beyond today's $25,000 exemption, and it would not change Save Our Homes or portability.

Over the past few weeks, almost every homeowner I talk to in St. Petersburg, FL has asked me some version of the same question: what does this actually mean for me? Most of what they have heard comes from campaign mailers, social media, or a neighbor who is sure taxes are about to disappear. The honest answer depends on how long you have owned your home, whether it is your primary residence, and whether you are planning to buy or sell in the next few years.

To be clear about where I stand, this post is not an argument for or against Amendment 3. How you vote is your decision. My job is to explain what the amendment does, what it does not do, and how it fits with the rules that already shape every property tax bill in Pinellas County, so you can make that decision with accurate information.

How Your Property Tax Bill Works Today

Amendment 3 only makes sense once you understand how the current system works, so it's worth starting there.

Every property has three values that matter. The just value is the Property Appraiser's estimate of market value. The assessed value is the just value after any caps are applied. The taxable value is the assessed value minus your exemptions. Your tax bill is the taxable value multiplied by the millage rates set by the county, the city, the school board, and other taxing authorities.

The homestead exemption lowers your taxable value. For the 2026 tax year, a qualifying primary residence in Pinellas County receives up to $51,411 in exemptions. The first $25,000 applies to all taxes, including school taxes. The rest applies only to non-school taxes.

Save Our Homes limits how fast your assessed value can rise. Once your home is homesteaded, its assessed value can increase by no more than 3 percent a year or the rate of inflation, whichever is lower. For long-term owners in neighborhoods like Historic Kenwood, Old Northeast, and Snell Isle, where market values have climbed much faster than that, the difference between market value and assessed value has grown into a significant tax advantage. That difference is called your Save Our Homes benefit.

That benefit resets when the home sells. A buyer starts over at full market value the year after closing. This is why a buyer should never use the seller's current tax bill to estimate their own costs, a point I cover in more detail in my guide to the hidden costs of buying a home in Tampa Bay.

What Amendment 3 Would Change

A much larger homestead exemption on non-school taxes. The current structure would be replaced with a $25,000 exemption on school taxes and an exemption of up to $150,000 on non-school taxes beginning January 1, 2027, rising to $250,000 beginning January 1, 2028. Starting in 2029, the maximum would adjust each year for inflation. The amendment also allows the Legislature to create a process for counties and cities to raise the exemption further, potentially up to the full assessed value of a home, without another statewide vote.

A two-tier system based on when you became a Florida resident. People who are permanent Florida residents by December 31, 2026 would qualify for the larger exemption. That holds even if they have not bought a home yet, as long as they establish residency by that date. People who become residents on or after January 1, 2027 would start with a $50,000 exemption on non-school taxes. After four years of holding a Florida homestead exemption, they would move to the larger exemption beginning January 1 of the fifth year.

A lower cap for non-homestead property. Rentals, second homes, commercial property, and vacant land currently have their assessed value increases capped at 10 percent a year for non-school taxes. Amendment 3 would lower that cap to 5 percent. School taxes on those properties would remain uncapped.

A specific timeline. If approved, the amendment would take effect January 1, 2027. The first place homeowners would see it is the August 2027 TRIM notice, followed by the tax bill that arrives in November 2027.

What Amendment 3 Would Not Change

This section clears up the most misunderstandings.

Property taxes would not go away. Local governments, school districts, and other taxing authorities would continue to levy property taxes. Nearly every homeowner would still receive a tax bill, because school taxes remain in place.

Save Our Homes and portability stay exactly as they are. The 3 percent or inflation cap on homestead assessments continues. The rules for carrying your benefit to a new home do not change. Senior, widow and widower, veteran, and disability exemptions are not affected either.

Tax rates are not part of the amendment. Amendment 3 changes taxable value. It does not set millage rates. Those are still adopted each year by local taxing authorities through their budget process, so they could go up or down. Non-ad valorem assessments, such as stormwater or solid waste fees, are not reduced by any homestead exemption.

The Pinellas County Property Appraiser's Amendment 3 FAQs is the most thorough local source I have found. It is written neutrally and is worth reading in full before you vote.

Homestead Portability: The Benefit Long-Term Owners Overlook

Portability is the reason I wanted to write this post. For many long-term homeowners in St. Petersburg, FL, it matters more than anything on the ballot, and it is one of the least understood parts of Florida's tax system.

Portability lets you take your Save Our Homes benefit with you. When you sell a homesteaded property and establish a new Florida homestead, you can transfer up to $500,000 of that benefit to the new home, so you are not starting over at full market value.

How much transfers depends on whether you move up or down. The Property Appraiser uses a simple example. Say your current home has a market value of $300,000 and an assessed value of $200,000, which gives you a $100,000 benefit. If you buy a $400,000 home, the full $100,000 transfers, and your new assessed value starts at $300,000 instead of $400,000. If you downsize to a $200,000 home, the benefit is reduced in proportion to the price, so about $66,667 would transfer. You can see the full breakdown on the Property Appraiser's portability page.

The deadline catches people off guard. You have three tax years to use portability, but the clock starts on January 1 of the year your last homestead exemption applied, not on your closing date. Portability is also not automatic. You apply for it together with the homestead exemption on your new home, by March 1 of the year after you buy.

For the homeowners I work with who have owned for eight, ten, or twenty years, the real question is usually not whether to sell. It is what happens to their taxes if they do. Often the numbers are better than they expected, and in other cases they show that staying put is the smarter choice. Either way, it is worth calculating before you make a decision.

What It Means If You're Selling in St. Petersburg, FL

I would not rush to list before November or hold off until after it. Amendment 3 is one factor among many, and it does not change how your home is valued. If you are deciding whether this is the right time to sell, the bigger drivers are still your equity, your carrying costs, insurance, and what comparable homes in your neighborhood are actually selling for, which I cover in why St. Petersburg homeowners are choosing to sell in 2026.

Where it could matter is with buyers. If the amendment passes, a buyer who already lives in Florida would have a noticeably lower non-school tax bill on their next home than they would under current law. For a buyer at the middle or upper end of the market, that changes the monthly cost of owning. Buyers moving here from out of state on or after January 1, 2027 would not receive the larger exemption for four years. That could change how some relocation buyers evaluate homes priced near the top of their budget.

If you own a rental or a second home, the lower 5 percent cap would slow future increases in assessed value for non-school taxes. It does not reduce your taxes outright, and school taxes would still be based on full market value.

What It Means If You're Buying

Your residency date matters more than your closing date. If you are relocating to St. Petersburg, FL, the line between December 31, 2026 and January 1, 2027 could affect your property taxes for four years if the amendment passes. Establishing permanent residency is a legal process that involves more than owning a home, so talk with a qualified attorney or tax professional about what applies to you. Don't rely on a timeline you read online.

Estimate your taxes based on the purchase price, not the listing. The Pinellas County Property Appraiser's tax estimator lets you calculate taxes for a new owner and accounts for portability if you are bringing a benefit from a previous Florida homestead. The Property Appraiser has said it plans to update the estimator for both residency scenarios if the amendment is approved.

Already a Florida homeowner? Think about Amendment 3 and portability together. Moving within Florida lets you carry over your Save Our Homes benefit, and if the amendment passes, the larger exemption would be applied on top of it.

The Questions Worth Weighing Before You Vote

I have heard thoughtful homeowners land on both sides of this, and both sides are raising real points.

The case supporters make is that rising values have pushed property taxes beyond what many homeowners can comfortably afford, and that a much larger exemption gives meaningful relief to people who live here year-round. They also point out that recent buyers, whose assessed values are close to market value, would benefit the most, since they have little or no Save Our Homes protection.

The case critics make is that the amendment shrinks the tax base that local governments depend on without guaranteeing funding for police, fire, or emergency services. Because millage rates and fees stay under local control, some of the savings could be offset by higher rates or new assessments. They also point out that the benefit is uneven. Long-term owners with low assessed values and owners of non-homestead property would see a smaller change than recent homesteaders.

Both of those can be true at the same time. Before you decide, look at your own TRIM notice, check the assessed value, taxable value, and exemptions on it, and consider what the change would mean for your home and for the services your city provides.

Frequently Asked Questions

Does Amendment 3 eliminate property taxes in Florida?

No. Amendment 3 increases the homestead exemption on non-school property taxes, but local governments and school districts would continue to levy property taxes. Most homeowners would still receive a tax bill, because only the first $25,000 of assessed value is exempt from school taxes.

When would Amendment 3 take effect if it passes?

If at least 60 percent of voters approve it on November 3, 2026, it would take effect January 1, 2027. Homeowners would first see the change on the August 2027 TRIM notice and the tax bill delivered in November 2027.

Does Amendment 3 change homestead portability?

No. Florida homeowners could still transfer up to $500,000 of their Save Our Homes benefit to a new Florida homestead within three tax years. The three tax years are counted from January 1 of the last year the previous homestead exemption applied, not from the closing date.

Will Save Our Homes still cap my assessed value?

Yes. Annual increases in assessed value for homestead property would still be limited to 3 percent or the rate of inflation, whichever is lower.

What if I move to Florida in 2027?

If the amendment passes, people who become Florida residents on or after January 1, 2027 would start with a $50,000 exemption on non-school taxes. After holding a Florida homestead exemption for four years, they would qualify for the larger exemption beginning January 1 of the fifth year.

How does Amendment 3 affect rental properties and second homes?

Non-homestead properties would not receive the larger exemption. The annual cap on increases in their assessed value for non-school taxes would drop from 10 percent to 5 percent. School taxes on those properties would continue to be based on full market value.

The Bottom Line

Amendment 3 is one of the most significant property tax proposals Florida voters have seen in years, and it is easy to lose the facts in the noise around it. Separate what would change from what stays the same. Understand where your own home fits. And if you are thinking about a move in the next few years, include portability in that conversation. It is still one of the most valuable tools a long-term Florida homeowner has.

If you are weighing a sale and want to know what you would actually walk away with, my breakdown of what it costs to sell a home in St. Petersburg, FL is a good place to start. And if you would like to see how portability would work for your home specifically, I'm glad to walk through it with you. Most homeowners have never had anyone run those numbers for them.

Kirby Drake
Real Estate Advisor, Engel & Völkers South Tampa
(813) 702-2363 | Contact Kirby

Sources: Pinellas County Property Appraiser, Proposed 2026 Florida Property Tax Amendment 3 FAQs. Pinellas County Property Appraiser, Portability. Pinellas County Property Appraiser, Buying or Selling a Home. Florida House of Representatives, CS/HJR 1F. This article is educational and does not support or oppose any ballot measure. It is not legal or tax advice. Consult a qualified tax professional or attorney regarding your specific situation.