Florida Approves Historic Homestead Exemption Expansion, Real Estate Leaders Hail ‘Unbeatable’ Advantage

Real estate leaders and attendees at The Real Deal Miami Real Estate Forum spoke with Fox News Digital about Florida’s Amendment 3, which expands homestead exemptions for primary residences.

Florida voters approved a sweeping property tax cut for homeowners on Election Day, sparking enthusiastic reactions from real estate leaders gathered in Miami. Many say the measure makes the Sunshine State more competitive than ever.

Hours after polls closed, developers, brokers, homeowners, and out-of-state buyers gathered at The Real Deal Miami Real Estate Forum to celebrate Amendment 3’s passage. Dismissing concerns about potential cuts to municipal services, attendees described the historic homestead expansion as a model of fiscal discipline that could accelerate migration away from high-tax states.

“This is an optics play that shows Florida continues to pass innovative, progressive legislation serving its constituents,” said top luxury broker Dina Goldentayer. “While other states pursue a different agenda, Florida is enacting groundbreaking, beneficial tax legislation.”

“Florida voters, like voters everywhere, want lower taxes, so the passage of this measure makes perfect sense,” said Amir Korangy, founder and publisher of The Real Deal. “Florida politicians need to get many things right, but they got this one right. Cutting taxes puts more money back into the economy.”

Key Details on Florida’s Property Tax Measure and Its Impact on Homeowners

“Florida real estate has experienced strong growth in recent years,” said Adam Kaufman of Premier Sotheby’s International Realty. “Any measure that reduces costs will draw more buyers into our market and give sellers confidence to list at higher prices.”

A home for sale in North Miami, Florida, on Wednesday, Aug. 20, 2025. (Getty Images)

Attendee and voter Shana Goldwasser expressed strong support for the legislation, saying it will encourage population migration. “We’ve been waiting for this forever,” she said. “I think everyone will be excited. People will move here from wherever they’re coming because of the property tax relief.”

Approved by 62% of voters, Amendment 3 raises the homestead exemption on primary residences from $50,000 to $150,000 in 2027 and $250,000 in 2028 for non-school property taxes. The measure shields up to $250,000 of a home’s assessed value from certain local property taxes for eligible homeowners, while school property taxes remain unchanged.

Andres Asion, broker-owner of Miami Real Estate Group, said the expanded exemption will not significantly affect buyers and sellers in the luxury market, noting that an additional $100,000 in savings is unlikely to influence someone purchasing a million-dollar property. Instead, he said the greatest benefit goes to retirees on fixed incomes. For homeowners in their 70s and 80s with properties valued at modest levels, reducing tax bills by 25%, 30%, or even 50% could have a substantial impact.

Mayi de la Vega, founder and CEO of ONE Sotheby’s International Realty, called Florida the country’s premier destination following Amendment 3’s passage. “Buyers are excited about this change, and it will be great for our economy,” she said. “Florida remains unbeatable. We are the greatest state in the United States, and this will only continue to fuel demand.”

“Florida is already unbeatable,” Goldentayer agreed. “I believe this will drive another increase in home prices. Buyers on the fence should note there is a deadline—I am still reviewing the details of the legislation—but I believe residency must be established by January 1. Otherwise, there is a five-year residency requirement. Anyone wanting to take advantage will likely purchase before December 31, which should benefit my business.”

Canadian entrepreneur and relocating buyer Alex Burns said burdensome tax structures both outside Florida and abroad are driving middle-class wealth toward the state. He told Fox News Digital that despite Canada’s natural beauty, it “hasn’t been the most conducive” environment for small businesses or middle-class families.

Under the amendment, individuals who are not Florida residents by December 31, 2026, must wait until their fifth year of homestead eligibility to receive the expanded exemption.

Senada Adzem, Florida director of luxury sales at Douglas Elliman, spoke with Fox News Digital about increased interest from Canadian clients seeking to sell South Florida homes amid perceptions that they are unwelcome in the United States.

“Where we are from, taxes are high, and the return on those tax dollars is limited,” Burns said. “Giving people the opportunity to spend their money elsewhere rather than on taxes should encourage developers to improve street access, sidewalks, and roads.”

Opponents warn that the tax cuts could force local governments to reduce police, fire, and emergency services. The Florida Policy Institute estimates local governments could lose approximately $12 billion in annual recurring revenue. The Florida Housing Coalition also cautioned that fees on non-homestead properties, including apartment complexes and single-family rentals, could rise to offset the losses.

“Safety is a critical issue,” Korangy said. “Some states have far higher taxes and property taxes yet are not necessarily safer. Florida is experiencing the largest influx of capital in five years. Using that capital effectively will be the big challenge.”

“Whenever something controversial passes, there will be good and bad,” said Kevin Venger, co-founder of 1000 Group. “Most people support scrutinizing budgets and holding workshops to address unchecked government spending. Florida has done an amazing job on safety, which attracts people alongside tax benefits. This amendment presents significant opportunity for positive impact.”

“For those who are not homestead owners, the impact should be minimal,” Asion said. “In fact, the cap on annual assessment increases will drop from 10% to 5%. I believe this is a win-win for everyone involved.”

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