Amendment 3 passed on November 3 with about 62% of the vote, and most of the coverage has been about homeowners: a $150,000 homestead exemption on non-school taxes in 2027, $250,000 in 2028. Renters and landlords got one line in most stories. The amendment also cuts the yearly cap on assessment increases for non-homestead property, which includes every rental house, condo and apartment building, from 10% to 5% for non-school taxes, starting January 1, 2027 (Florida Chamber, updated Nov. 4, 2026).
The short version: on today’s flat home values, the 5% cap saves the owner of a typical Florida rental nothing in 2027, in all 67 counties. A cap only lowers a tax bill when assessed value would otherwise rise faster than the cap, and after four years of 10% catch-up increases on flat or falling prices, the typical rental is already assessed at full value. The cap starts paying only if values climb more than 5% a year again. Meanwhile, if local governments raise millage to replace homestead revenue, rental owners pay the full increase on the full value. So the honest answer to “will my rent go down?” is: not because of the cap, and not in 2027.
Below we run the numbers for every county, using the same Zillow home value and rent data and the same county millage that power our calculators. To run a specific property, use the new Amendment 3 panel in the Florida investment property calculator.
What Amendment 3 actually changes for rental property
Florida taxes a rental on its assessed value. For a home that is not the owner’s homestead, the Florida Constitution already limits how much that assessed value can rise each year: 10% for non-school taxes, with school taxes charged on full just value. The cap resets when the property sells, so a buyer starts at full value (sections 193.1554 and 193.1555, Florida Statutes).
Amendment 3 changes three things that matter to landlords and tenants:
- The cap drops to 5%. From the 2027 tax roll, non-school assessed value on non-homestead property can rise at most 5% a year instead of 10%. Commercial property, apartment complexes and vacation homes are covered too (The Real Deal, Nov. 3, 2026).
- No new exemption for rentals. The bigger homestead exemption applies only to a permanent residence. A rental gets no new exemption at all.
- School taxes are untouched. On a rental, school millage is still charged on full just value, with no cap. In Duval that is 6.343 mills of a 17.865-mill total, about 36% of the bill.
The first bills with the new rules arrive in November 2027. The first preview is the TRIM notice in August 2027. Your 2026 bill, due now, does not change.
Why the 5% cap saves almost nothing in 2027
An assessment cap is a speed limit, not a discount. It only matters when the market is driving faster than the limit. From 2020 to 2022, Florida values ran far ahead of 10% a year, so assessed values on rentals fell behind market values. Since then values have gone flat or down. Florida’s typical home value was $390,450 in September 2026, down 0.5% from a year earlier, and 59 of 67 counties sit below their peak yearly value (Zillow Home Value Index via our Florida housing tracker, October 19, 2026 release).
That flat stretch let the 10% cap catch assessed values back up to market. We modeled a typical rental in each county bought in 2019, reset to full value in 2020, then raised by the lesser of 10% or the market each year through 2026. In all 67 counties the typical rental is fully caught up today. With no gap left between assessed and market value, the cap has nothing to hold back. If values stay flat in 2027, or rise 3%, a 10% cap and a 5% cap produce the same assessment, and the same bill.
Two exceptions are worth knowing. A property that rose much faster than its county, such as a renovated home or one in a single fast-moving ZIP code, may still carry a gap. And a rental bought recently already sits at full value because of the reset on sale. Your county property appraiser’s record shows the “just value” and “assessed value” side by side; if they match, the new cap will not change your 2027 bill.
When the cap starts to pay: values rising 7% a year
If prices take off again, the 5% cap earns its keep. At 7% annual growth from 2027, the median county’s typical rental saves about $60 in 2027 and about $1,046 over 2027 through 2031, because the gap compounds each year. That is roughly $17 a month averaged over five years. The largest five-year figures are in St. Lucie ($2,131), Palm Beach ($2,043), Miami-Dade ($2,015) and Broward ($1,982), where values and non-school millage are both high.
The cap would also have mattered a great deal in the boom. Had a 5% cap been in place from 2021 through 2026, the median county’s typical rental bought in 2019 would have paid about $1,924 less in non-school tax over those six years, and about $4,000 or more in St. Lucie, Miami-Dade and Palm Beach. The protection is real. It just protects against the market Florida had in 2021 and 2022, not the one it has now.
The other side of the ledger: millage
Amendment 3 removes local revenue, and governments decide how to respond. The Florida Policy Institute estimated nearly $12 billion a year in lost local revenue, and local officials have warned they could raise millage rates or fees (as reported by The Real Deal, Nov. 3, 2026). Jacksonville’s city auditor puts the city’s gap at about $300 million a year by 2029 (News4JAX, Nov. 4, 2026); we track that debate in our Jacksonville budget shortfall piece.
A rental gets no homestead exemption to soften a rate increase. Every added mill is $1 per $1,000 of assessed value. On Duval’s typical home value of about $294,000 that is $294 a year, or about $24.50 a month, per mill. That is four times the first-year savings from the 5% cap in our 7% growth case. A study commissioned by the Florida Housing Coalition, the Florida Apartment Association and Miami Homes for All projected tax increases of about $406 a year per average apartment unit and $1,081 per rented single-family home, and $1,196 per owner-occupied non-homestead property (WKMG News 6, Nov. 4, 2026; earlier coverage, WCTV, Sept. 24, 2026). Those are projections, not adopted budgets. No county has set 2027 millage yet; that happens in July through September 2027.
WKMG also reported that the governor has called for a special session before January to adjust how much local governments can do to offset lost revenue. Until the Legislature acts and budgets are adopted, nobody can tell a landlord what the 2027 rate will be.
Amendment 3 and the rental math, all 67 counties
Each row uses the county’s typical home value as a stand-in for a typical rental, its FY2025-26 non-school millage, and its typical market rent. “Savings” is the non-school tax difference between a 10% and a 5% cap. At flat or 3% growth the savings are $0 in every county, so the table shows the 7% growth case. The last column is what one added non-school mill would cost per month.
| County | Typical home value (Sep 2026) | Vs. peak year | Non-school mills | 2027 cap savings at +7% | 2027–2031 savings at +7%/yr | Typical rent | +1 mill, per month |
|---|---|---|---|---|---|---|---|
| Alachua | $298,912 | −6.0% | 9.36 | $56 | $983 | $1,640 | $24.91 |
| Baker | $314,146 | at peak | 8.94* | $56 | $987 | $1,850 | $26.18 |
| Bay | $343,009 | −6.6% | 7.12* | $49 | $858 | $1,735 | $28.58 |
| Bradford | $252,646 | −0.1% | 10.85* | $55 | $963 | n/a | $21.05 |
| Brevard | $342,346 | −6.2% | 9.29 | $64 | $1,118 | $1,887 | $28.53 |
| Broward | $422,344 | −7.0% | 13.36 | $113 | $1,982 | $2,457 | $35.20 |
| Calhoun | $166,734 | −12.6% | 9.44* | $31 | $553 | n/a | $13.89 |
| Charlotte | $298,906 | −22.1% | 10.42* | $62 | $1,094 | $1,851 | $24.91 |
| Citrus | $268,688 | −6.8% | 8.68* | $47 | $820 | $1,755 | $22.39 |
| Clay | $335,274 | −3.8% | 8.78 | $59 | $1,034 | $1,805 | $27.94 |
| Collier | $552,087 | −11.6% | 6.41* | $71 | $1,244 | $2,607 | $46.01 |
| Columbia | $267,659 | −1.3% | 8.92* | $48 | $839 | $1,499 | $22.30 |
| De Soto | $250,420 | −6.6% | 12.65* | $63 | $1,113 | $1,524 | $20.87 |
| Dixie | $217,764 | at peak | 11.19* | $49 | $856 | n/a | $18.15 |
| Duval | $294,079 | −6.1% | 11.52 | $68 | $1,191 | $1,603 | $24.51 |
| Escambia | $280,027 | −2.4% | 11.04* | $62 | $1,086 | $1,646 | $23.34 |
| Flagler | $350,266 | −12.1% | 8.50* | $60 | $1,046 | $1,881 | $29.19 |
| Franklin | $422,234 | −9.7% | 11.71* | $99 | $1,737 | n/a | $35.19 |
| Gadsden | $199,661 | −4.6% | 6.98* | $28 | $490 | n/a | $16.64 |
| Gilchrist | $306,253 | at peak | 9.99* | $61 | $1,075 | n/a | $25.52 |
| Glades | $257,042 | −6.8% | 10.34* | $53 | $934 | n/a | $21.42 |
| Gulf | $403,845 | −6.4% | 12.46* | $101 | $1,769 | n/a | $33.65 |
| Hamilton | $207,098 | at peak | 8.39* | $35 | $610 | n/a | $17.26 |
| Hardee | $235,001 | at peak | 10.45* | $49 | $863 | n/a | $19.58 |
| Hendry | $270,219 | −8.3% | 9.27* | $50 | $880 | n/a | $22.52 |
| Hernando | $306,116 | −6.9% | 12.14* | $74 | $1,305 | $1,809 | $25.51 |
| Highlands | $231,284 | −5.8% | 10.20* | $47 | $829 | $1,517 | $19.27 |
| Hillsborough | $375,501 | −7.4% | 9.23 | $69 | $1,218 | $1,978 | $31.29 |
| Holmes | $181,325 | −10.9% | 12.10* | $44 | $771 | n/a | $15.11 |
| Indian River | $363,705 | −8.0% | 8.95* | $65 | $1,144 | $2,128 | $30.31 |
| Jackson | $179,815 | −3.4% | 8.45* | $30 | $534 | $1,230 | $14.98 |
| Jefferson | $305,552 | at peak | 7.91* | $48 | $849 | n/a | $25.46 |
| Lafayette | $262,301 | at peak | 8.67* | $45 | $799 | n/a | $21.86 |
| Lake | $360,055 | −6.2% | 10.15* | $73 | $1,284 | $1,951 | $30.00 |
| Lee | $334,485 | −17.8% | 10.65 | $71 | $1,252 | $1,827 | $27.87 |
| Leon | $291,390 | −1.9% | 8.81* | $51 | $902 | $1,473 | $24.28 |
| Levy | $287,334 | −5.1% | 11.39* | $65 | $1,150 | n/a | $23.94 |
| Liberty | $201,245 | −0.5% | 10.46* | $42 | $739 | n/a | $16.77 |
| Madison | $206,128 | −2.5% | 9.16* | $38 | $663 | n/a | $17.18 |
| Manatee | $408,269 | −13.4% | 10.79* | $88 | $1,548 | $2,031 | $34.02 |
| Marion | $267,911 | −6.6% | 5.53 | $30 | $521 | $1,593 | $22.33 |
| Martin | $448,233 | −7.6% | 8.97* | $80 | $1,413 | $2,262 | $37.35 |
| Miami-Dade | $523,240 | −2.8% | 10.96 | $115 | $2,015 | $2,789 | $43.60 |
| Monroe | $962,885 | −5.9% | 5.12* | $99 | $1,731 | $3,671 | $80.24 |
| Nassau | $484,963 | −1.4% | 6.93 | $67 | $1,180 | $2,144 | $40.41 |
| Okaloosa | $352,929 | −4.3% | 7.47* | $53 | $927 | $1,957 | $29.41 |
| Okeechobee | $289,216 | −0.6% | 8.90* | $51 | $904 | n/a | $24.10 |
| Orange | $400,964 | −6.0% | 10.22 | $82 | $1,441 | $1,933 | $33.41 |
| Osceola | $359,224 | −8.3% | 8.83* | $63 | $1,115 | $1,988 | $29.94 |
| Palm Beach | $475,754 | −5.2% | 12.22* | $116 | $2,043 | $2,673 | $39.65 |
| Pasco | $328,125 | −8.9% | 9.88 | $65 | $1,139 | $1,985 | $27.34 |
| Pinellas | $368,917 | −10.6% | 13.09 | $97 | $1,697 | $2,028 | $30.74 |
| Polk | $295,509 | −7.5% | 10.90 | $64 | $1,132 | $1,814 | $24.63 |
| Putnam | $216,313 | −4.0% | 10.02 | $43 | $762 | $1,370 | $18.03 |
| Santa Rosa | $350,823 | −1.9% | 7.43* | $52 | $915 | $1,975 | $29.24 |
| Sarasota | $399,023 | −16.2% | 7.82* | $62 | $1,096 | $2,168 | $33.25 |
| Seminole | $400,341 | −5.8% | 8.80* | $70 | $1,238 | $1,856 | $33.36 |
| St. Johns | $492,987 | −6.0% | 7.27 | $72 | $1,259 | $2,020 | $41.08 |
| St. Lucie | $370,781 | −6.4% | 16.35* | $121 | $2,131 | $2,329 | $30.90 |
| Sumter | $387,784 | −5.9% | 7.12* | $55 | $971 | $1,723 | $32.32 |
| Suwannee | $266,652 | at peak | 9.99* | $53 | $936 | n/a | $22.22 |
| Taylor | $196,856 | −1.1% | 9.33* | $37 | $645 | n/a | $16.40 |
| Union | $256,560 | −2.5% | 10.73* | $55 | $968 | n/a | $21.38 |
| Volusia | $324,665 | −6.6% | 13.94 | $90 | $1,590 | $1,736 | $27.06 |
| Wakulla | $285,880 | −1.4% | 8.25* | $47 | $829 | $1,817 | $23.82 |
| Walton | $660,738 | −10.5% | 5.66* | $75 | $1,314 | $2,020 | $55.06 |
| Washington | $220,578 | −2.9% | 8.90* | $39 | $690 | n/a | $18.38 |
* Non-school millage is a county-average estimate from Florida TaxWatch with an estimated school share; verify with the county property appraiser. Rent is the Zillow Observed Rent Index for September 2026; “n/a” means Zillow publishes no rent index for that county. Values are county-wide typical figures, not the value of any specific property.
What this means if you rent
Rent is set by the market, not by a landlord’s tax bill alone. Across the 42 Florida counties with a Zillow rent index, typical rent rose a median 1.4% from September 2025 to September 2026 (range −1.8% to +4.4%), and the new cap does not give landlords a 2027 saving to pass along. The bigger risk to a lease renewal in 2027 and 2028 is the millage decision, plus insurance. Three practical steps:
- Read your lease. A tax pass-through clause is common in commercial leases and rare in residential ones. If your lease has one, ask how it is calculated.
- Watch August 2027. TRIM notices and proposed millage are public. If your county’s proposed rate rises, that is the number that may show up in renewal talks.
- Run the buy math. Amendment 3 widens the gap between renting and owning a homestead. Our rent vs buy by county calculator shows the monthly difference where you live, and the Amendment 3 calculator shows a homeowner’s 2027 and 2028 bill. If you are moving to Florida, read the December 31 residency rule first.
What this means if you own rentals
- Check your gap. Compare just value and assessed value on your appraiser’s record. A gap of zero means the 5% cap does nothing for you in 2027.
- Underwrite millage, not the cap. Stress-test a 1 to 2 mill increase on every property. The Amendment 3 panel in the investment property calculator does this on the price and county you enter.
- Know the reset. A sale resets assessed value to full value for the buyer. The cap protects long holds in rising markets, which is a reason to model hold period, not just purchase price. The recapture calculator covers the homestead side of the same idea.
- Do not count on the homestead changes. A rental never gets them, and converting a home you live in to a rental generally gives up the homestead exemption and its Save Our Homes cap.
Your next step
Pull your county’s millage from its property tax page (Duval shown; every county has one), then run your property through the investment property calculator with a millage stress test. If you own or are buying rental property in Northeast Florida, a Momentum Realty agent can pull the appraiser record and comparable rents for a specific address before you decide to hold, sell or buy.
Frequently asked questions
Does Amendment 3 lower rent in Florida?
Not directly. Amendment 3 gives renters no exemption, and its 5% assessment cap on rental property saves the owner of a typical Florida rental nothing in 2027 because values are flat and assessments have already caught up to market value. Whether rent changes depends on the market, insurance and the millage rates local governments set in 2027.
What is the 5% non-homestead cap in Amendment 3?
It limits how much the assessed value of property that is not a homestead, including rentals, second homes and commercial property, can rise each year for non-school property taxes. The limit drops from 10% to 5% starting with the January 1, 2027 assessment. The cap resets to full value when the property sells.
When does the Amendment 3 rental cap take effect?
The 5% cap applies from the 2027 tax roll, with January 1, 2027 assessments. Owners first see it on August 2027 TRIM notices and November 2027 tax bills. The 2026 tax bill is unchanged.
Does the 5% cap apply to school taxes on a rental?
No. School district taxes on non-homestead property are charged on full just value with no cap, before and after Amendment 3. In Duval, school millage is 6.343 of the 17.865 total mills, about 36% of a rental’s tax bill.
Will property taxes on rentals go up after Amendment 3?
They can if local governments raise millage to replace lost homestead revenue. Each added mill costs $1 per $1,000 of assessed value, about $294 a year on Duval’s typical $294,000 home. A study for the Florida Housing Coalition projected about $406 a year per apartment unit. No county has adopted 2027 millage yet.
How much does the 5% cap save a landlord?
At flat or 3% yearly value growth, nothing in 2027 in any of Florida’s 67 counties for a typical rental. At 7% yearly growth, the median county’s typical rental saves about $60 in 2027 and about $1,046 from 2027 through 2031, by Momentum Realty’s estimate.
Sources: Florida Chamber of Commerce, Amendment 3 explainer, updated November 4, 2026; Katherine Kallergis, “Florida voters approve Amendment 3 property tax referendum,” The Real Deal, November 3, 2026; Christie Zizo, “Florida Amendment 3 and renters: What we know, and don’t know,” WKMG News 6 / ClickOrlando, November 4, 2026; Matt Hoffmann, “Report: Amendment 3 tax break could mean higher rents for Floridians,” WCTV, September 24, 2026; News4JAX, Jacksonville savings and budget, November 4, 2026; Florida Constitution Article VII, Section 4, and sections 193.1554 and 193.1555, Florida Statutes (2026); Zillow Home Value Index and Zillow Observed Rent Index, September 2026, via Momentum Realty’s Florida housing tracker (release of October 19, 2026); FY2025-26 county millage from county property appraisers and Florida TaxWatch, as compiled in Momentum Realty’s millage data (verified June 2026). Method: each county’s yearly typical home value stands in for a rental’s just value; assessed value is reset to that value in 2020 and raised by the lesser of the cap or the market each year. Results are illustrative county-level estimates, not the assessment of any property. Values and rents are aggregate statistics, deemed reliable but not guaranteed.
Momentum Realty is a licensed Florida real estate brokerage, not a tax advisor or law firm. Real estate commissions are always negotiable and are not set by law. Tax figures are illustrative estimates from county-level data and published millage, not a tax bill, appraisal or tax or legal advice; confirm assessed value and millage with your county property appraiser and tax collector. Equal Housing Opportunity.