Florida Amendments 1, 2 and 3, Explained: a Bigger Rainy-Day Fund, a Farm-Equipment Tax Break and a Much Larger Homestead Exemption — Each Needs 60 Percent
Below the races on Tuesday's ballot sit three constitutional amendments, all put there by the Legislature and all about money: how much Florida may save, what farm property is taxed, and how much of a home's value is shielded from property tax. Each needs 60 percent of the vote to become part of the state constitution.
Every Florida voter will meet the same three questions at the bottom of Tuesday's ballot. All three are constitutional amendments referred by the Legislature — none came from a citizen petition — and each needs at least 60 percent of the votes cast on it to pass. Voters may approve or reject each one independently; those that pass amend the Florida Constitution.
Amendment 1 is about the state's savings account. It would raise the cap on the Budget Stabilization Fund — the rainy-day fund — from 10 percent to 25 percent of general revenue collections, and require the Legislature to transfer each year the lesser of $750 million or the amount needed to reach that cap. Supporters in the Legislature wrote the measure (HJR 5019); Gov. Ron DeSantis is urging a no vote even though the Republican Party of Florida endorsed it, arguing, as the News-Journal summarizes his position, that the state already has ample reserves and that surplus revenue should instead fund tax relief, including property-tax reductions.
Amendment 2 is about the farm. It would exempt tangible personal property habitually located on land classified as agricultural — machinery, tools, computers and other equipment used in agricultural production or agritourism — from property taxes, first applying to the tax year beginning Jan. 1, 2027. Amendment 3 is the one most homeowners will feel: it raises the homestead exemption for taxes other than school taxes to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments after that — the expanded exemption requires the homeowner to have lived in Florida for five years to qualify — and it lowers the cap on annual assessment increases for non-homestead property, such as second homes and commercial real estate, from 10 percent to 5 percent, while limiting how municipalities can spend property tax revenue. Because all three are constitutional amendments, Tuesday's yes-or-no is not advice to the Legislature — at 60 percent, it is the decision itself.
