Market Brief

Florida voters approved Amendment 3 with about 62% of the vote, and Miami-Dade and Jacksonville are already sizing cuts of $180 million to $385 million a year, as private employers added 86,000 jobs in October.

Amendment 3 passed with about 62% in unofficial results. Miami-Dade put its first-year loss near $385 million. ADP counted 86,000 new private jobs.

Florida voters approved Amendment 3 on November 3, 2026 with about 62 percent of the vote in unofficial results, above the 60 percent required. Miami-Dade County's administration has estimated a first-year revenue loss of roughly $385 million, and Jacksonville estimates run from about $180 million to more than $300 million a year. Statewide, state estimators put the cut to local revenue at $4.957 billion in fiscal 2027-28. Separately, ADP reported this morning that private employers added 86,000 jobs in October.

This is the Wednesday brief. No scheduled national housing release posted this morning. What the amendment changes for a homeowner or buyer, with the full 2027 and 2028 timeline, is on our Amendment 3 passed guide; this brief covers the budget reaction and the morning's economic data.

How did Florida vote on the property tax amendments?

Amendment 3 received about 62 percent yes, according to CBS12 and the News Service of Florida on election night and Bay News 9 on Wednesday morning. Amendment 1, on the state's Budget Stabilization Fund, received about 40 percent, and Amendment 2, a tax exemption for farm equipment, received about 58 percent. Both fell short of 60 percent and failed. These are unofficial results; the state certifies official totals later. The state's results page did not display vote counts to our fetcher, so no counts are quoted here.

The amendment raises the homestead exemption from non-school property taxes to $150,000 in 2027 and $250,000 in 2028, and lowers the yearly assessment cap on non-homestead property from 10 percent to 5 percent for non-school taxes. It takes effect January 1, 2027. The 2026 tax bills mailed this month do not change. Owners can estimate their own bill with the Amendment 3 calculator.

How much revenue will Florida counties and cities lose?

The statewide figure comes from state estimators, as listed by the Florida Chamber of Commerce: $4.957 billion in fiscal 2027-28, $8.776 billion in 2028-29 and $11.861 billion a year once fully in place, all holding tax rates unchanged. Our November 3 brief set those estimates against Florida Trend's rounded version of the same numbers.

Local estimates published around the vote:

• Miami-Dade County: about $385 million in the first year, according to Mayor Daniella Levine Cava's administration, as reported by CBS Miami on November 3. Levine Cava has warned that fire rescue, libraries, roads, flood protection, parks and transit could face cuts.
• Jacksonville: about $180 million starting in the next budget cycle, as reported by 104.5 WOKV on November 4, attributed to city leaders. News4JAX reported on November 3 that city officials estimated the amendment could cost Jacksonville more than $300 million a year. The two figures likely describe different years of the phase-in, but neither report says so, and both are carried here.
• Tampa: city leaders prepared two versions of the 2027 budget, one for a pass and one for a fail, according to Bay News 9.

Our earlier Amendment 3 Jacksonville budget article covers the city's planning before the vote.

When will local governments feel the Amendment 3 cut?

The first budget it affects is fiscal 2027-28, which counties and cities adopt in September 2027 after the August 2027 TRIM notices. Bay News 9 reported that local governments do not expect a significant revenue drop until fall 2027, with a larger reduction in 2028 when the exemption reaches $250,000. Jacksonville Mayor Donna Deegan told Jacksonville's Morning News that her office will "immediately start to look for places that we can cut," and that the cut would reach "a full third of our discretionary budget."

Local governments can also raise millage rates to replace part of the lost revenue. The amendment does not prevent that, and the state's estimates assume rates stay where they are. Florida Trend and Bay News 9 both carried warnings that some of the cost could shift to renters, businesses, second-home owners and newcomers if rates rise. Real estate executive Craig Kincheloe told Bay News 9 the measure could turn out to be "a tax shift instead of a tax cut."

What does Amendment 3 mean for Florida home buyers?

For a buyer who will homestead the home, the larger exemption lowers the non-school part of the tax bill from 2027 on. Buyers who become Florida residents after December 31, 2026 start with the existing $50,000 exemption for five years before moving to the larger amount, per the amendment's text as summarized in our guide. For investors and second-home owners, the 5 percent cap slows how fast non-school taxable value can rise after purchase. The sale-year reset to market value, measured in our Florida property tax reset article, still applies.

What did the ADP jobs report show for October?

ADP's National Employment Report, released at 8:15 a.m. ET, showed private employers added 86,000 jobs in October. September was revised down to 86,000 from 90,000. Investing.com cited a 67,000 consensus forecast; EBC listed 65,000. Either way, the result beat expectations.

Construction added 13,000 jobs and financial activities, which includes real estate, added 15,000. The South added 47,000, including 15,000 in the South Atlantic states that include Florida. Annual pay growth was 3.0 percent for workers who stayed in their jobs and 4.8 percent for job changers. ADP chief economist Nela Richardson said "Employers of all sizes were hiring last month." ADP's survey covers private payrolls only and is a separate measure from the government's jobs count. Florida's own metro jobless rates for September are in our Florida metro unemployment article.

Where are mortgage rates this week?

Freddie Mac's weekly survey put the 30-year fixed at 7.24 percent for the week ending October 29, down from 7.32 percent a week earlier, as covered in our October 29 mortgage rates article. The 15-year was 6.60 percent. The Fed held its target range at 3.75 to 4 percent on October 28, as covered in our Fed decision article; its next decision is scheduled for December 9.

What posts the rest of this week?

From the publishers' own schedules, all times ET:

• Thursday, November 5, 8:30 a.m.: BLS productivity and costs, third quarter preliminary. 12:00 p.m.: Freddie Mac weekly mortgage rates.
• Friday, November 6, 8:30 a.m.: BLS Employment Situation for October. The University of Michigan's preliminary November consumer survey is also listed for Friday.

Two releases from earlier dates have still not appeared: the University of Florida's Florida consumer sentiment index for October, listed for November 3 (the bureau's page still shows the September report), and Redfin's third-quarter affordability report, listed for October 29 (Redfin's newest affordability report is dated August 5). Each will get its own article when it posts. The full list is on the release calendar. Local prices and inventory are on the Florida housing tracker and the Jacksonville, Miami, Tampa and Orlando market pages.

People also ask

Did Florida Amendment 3 pass?

Yes. Amendment 3 received about 62 percent of the vote on November 3, 2026, in unofficial results, above the 60 percent needed. The state certifies official results later.

How much will Amendment 3 cost Florida local governments?

State estimators put the statewide loss at $4.957 billion in fiscal 2027-28, rising to $11.861 billion a year once fully in place, assuming tax rates do not change. Miami-Dade estimates about $385 million in the first year.

When does Amendment 3 take effect?

January 1, 2027. The first tax bills it changes are those mailed in November 2027. The 2026 bills going out now are unchanged.

How many private jobs were added in October 2026?

ADP reported 86,000 private jobs in October 2026, with September revised to 86,000.

Limitations

Vote shares are unofficial results as reported by news outlets on November 3 and 4; the state's results page did not show counts to our fetcher, and official certification comes later. Local revenue figures are each government's own estimate as relayed by news reports, not figures we calculated, and they may cover different years of the phase-in. The two Jacksonville figures conflict and are both carried. The statewide revenue estimate assumes unchanged tax rates. ADP's figures come from ADP's own release; ADP measures private payrolls only and often differs from the BLS count due Friday. The mortgage rate is last week's Freddie Mac average; the next reading posts Thursday.

Sources

CBS12 and the News Service of Florida, "Amendment 3 passes with 62% of the vote during Nov. 3 General Election," updated November 3, 2026, 10:49 p.m.

Jason Lanning, Bay News 9, "Florida voters approve Amendment 3, providing property tax relief for homeowners," November 4, 2026, updated 5:54 a.m.

Sergio Candido, CBS Miami, "Florida Amendment 3 is approved, deciding major property tax changes for homeowners," updated November 3, 2026, 9:54 p.m.

Rich Jones, 104.5 WOKV, "Florida cities, counties brace for impact after passage of Amendment 3," November 4, 2026, 5:41 a.m.

News4JAX, "Florida voters to decide on property taxes, state reserves and farm equipment exemptions," November 3, 2026, 1:53 p.m.

Florida Chamber of Commerce, "Florida's 2026 Property Tax Amendment 3," last modified October 23, 2026, citing the Florida Department of Revenue and the Office of Economic and Demographic Research.

ADP Research, "ADP National Employment Report: Private-Sector Employment Increased by 86,000 Jobs in October," November 4, 2026, 8:15 a.m. ET (ADP release via PR Newswire); consensus figures from Investing.com and EBC, November 4, 2026.

Freddie Mac, Primary Mortgage Market Survey, week ending October 29, 2026; Federal Reserve FOMC statement, October 28, 2026; Bureau of Labor Statistics 2026 release schedule; University of Florida Bureau of Economic and Business Research Florida consumer sentiment page and Redfin affordability news page, both read November 4, 2026.

Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.