Florida Realtors Inject $10 Million into Property Tax Cut Campaign

The Florida Realtors trade group committed $10 million to support Amendment 3. This funds the Yes On 3 political committee. The amendment proposes a major reduction in property taxes for homeowners. It aims to increase the homestead exemption from $50,000 to $150,000 by 2027.

Chuck Bonfiglio Jr., president of Florida Realtors, cited affordability as the primary driver. He stated that families need relief to retain their homes. The group argued that purchase costs alone do not address long-term housing burdens. This financial backing marks a significant escalation in the ballot measure campaign.

Amendment 3 Tax Exemption Changes

The measure would raise the homestead exemption to $250,000 in 2028. It also lowers the annual assessment cap for non-homestead properties. The cap would drop from 10% to 5%. These changes target both primary residences and investment properties.

The proposal requires 60% voter approval to pass. The Florida Legislature placed the item on the ballot during a special session. Governor Ron DeSantis initially championed the tax break. He criticized local governments for collecting over $20 billion more in revenue than six years prior.

Local Government Opposition Grows

Local officials oppose the measure due to potential revenue losses. Edie Ousley, spokeswoman for Vote No on 3, criticized the realtors' funding. She labeled the spending a move to boost transaction volumes. The opposing group has raised nearly $150,000 so far.

The Florida Association of Special Districts donated $100,000 to the opposition. This group represents 1,900 local taxing districts. These districts fund services like fire control and mosquito control. Rural and small-town leaders warn the cut will undermine basic service delivery.

Legislative Adjustments To Proposal

The GOP-led Legislature modified the governor's original plan. They excluded K-12 school funding from the exemption increase. This carve-out protects a key portion of local education budgets. DeSantis said he would support the vote but not fund a separate committee.

The realtors' entry shifts the financial balance of the campaign. It counters the organized pushback from local government entities. The final decision rests with voters in November. The outcome will define the state's property tax framework for the coming decade.