Florida's $250K Homestead Exemption: What Pinellas Homeowners Need to Know Before November
A $250,000 homestead exemption is headed to Florida's November ballot. Here's what St. Pete and Pinellas homeowners could save — and the deadline that matters.
There's a ballot measure this November that could cut hundreds — or even thousands — of dollars off your annual Pinellas County property tax bill. And there's a deadline built into it that anyone thinking about buying a home in Tampa Bay needs to mark on their calendar right now.
Here's the plain-English breakdown.
What Is Amendment 3 (HJR 1F)?
The proposal, nicknamed the "Save Our Homes from Excessive Property Taxes" amendment (HJR 1F), passed during a 2026 special session and now heads to the November 2026 general election ballot.
The amendment requires 60% voter approval to take effect.
The measure would raise the homestead exemption from today's amount — up to $51,411 for 2026 — to $150,000 in 2027 and $250,000 in 2028.
Today's exemption is really two layers: a flat $25,000 that comes off your taxable value for every taxing authority including schools, plus a second $26,411 for 2026 that comes off everything except school levies. That second layer is indexed to CPI each January under Amendment 5, which Florida voters passed in November 2024, so it moves a little every year and never drops below the base $25,000.
The exemption applies to non-school property taxes only —
homeowners would effectively have two separate exemptions: a large one for county, city, and special-district taxes, and the existing smaller one for schools.
Two other pieces of the amendment don't get as much press but matter for buyers and investors:
The current 10 percent annual cap on assessment increases for non-homestead property — including rentals, vacation homes, apartment buildings, and commercial property — would drop to 5 percent starting January 1, 2027.
To ensure funding for critical functions of local government, the amendment requires cities and counties to use remaining property tax revenue for public safety, including law enforcement, fire service, and emergency medical service.
What Does It Mean for a Pinellas Homeowner?
The Pinellas County Property Appraiser's office has published official savings illustrations.
On a homesteaded $350,000 home in Pinellas County, the proposed $250,000 homestead exemption would lower the non-school portion of the bill by about $2,619 a year, dropping it from $5,973 to $3,355.
School taxes still apply, so it would not reach zero.
Homes with lower assessed values — think long-time owners whose Save Our Homes cap has kept their taxable value well below market — could see an even bigger relative impact.
The Governor's office estimates that at the $250,000 level, roughly 60% of homesteaded homeowners would owe zero non-school property tax.
Worth noting:
your 2026 tax bill is not affected either way.
If you already have a homestead exemption on your property, the larger exemption would apply automatically. If you do not have a homestead exemption yet, you must file for it with your county property appraiser — that filing is the gateway to every homestead benefit, including this one.
The December 31, 2026 Deadline Every Buyer Needs to Know
This is the part that should absolutely change how you think about timing a Tampa Bay home purchase.
Residency cutoff: Immediate access to the larger amounts generally depends on maintaining Florida permanent residence by December 31, 2026.
Under the proposal, individuals who establish Florida residency on or after January 1, 2027, would begin with the exemption amount established for new Florida residents ($50,000, adjusted annually by CPI beginning in 2028). After maintaining a Florida homestead exemption for four years, the property owner would become eligible for the larger homestead exemption beginning January 1 of the fifth year.
In other words: buy and move in by December 31, 2026, and — if the amendment passes — you're in line for the full phased benefit. Wait until 2027 and you're looking at a five-year ramp-up to the full exemption.
Move later and you wait five years for the full $250,000. Calculate what missing the deadline costs.
I'll be honest — that's a real financial difference. At Pinellas County's non-school millage, the gap between a $50,000 new-resident exemption and a $250,000 full exemption works out to a meaningful annual savings that compounds year over year.
What Buyers and Sellers Should Keep in Mind
A few practical things I'd flag for anyone in the St. Pete market right now:
Don't buy assuming the amendment passes.
Do not buy on the assumption the amendment passes. It needs 60%, and 60% is a high
bar — especially with a pending legal challenge to the ballot language.
A lawsuit filed in Leon County challenges the neutrality and accuracy of the ballot title and summary. As of July 22, 2026, the measure remained scheduled for the November ballot and the challenge had not produced a reported final disposition.
Price your home purchase on today's actual tax bill and treat any savings as upside.
Sellers: this changes your pitch. If your assessed value has been held down by Save Our Homes for years, a buyer coming in will reset to your purchase price — potentially owing more in non-school taxes even with the new exemption in 2027. Be transparent about that reset so your listing price reflects real carrying costs.
Investors and landlords: the cap drops, not the exemption.
The amendment also lowers the annual assessment-increase cap on non-homestead property (commercial, rentals, second homes) from 10% to 5%, and directs how local governments prioritize remaining property tax revenue.
That's a meaningful cost-control benefit for rental property owners in Pinellas — assessed values can't race up as fast.
The Bottom Line
This is the most consequential property-tax vote Florida homeowners have seen in a generation. If it passes, it reshapes the long-term cost of owning a primary residence in St. Pete and across Pinellas County. The December 31, 2026 residency deadline means the clock on maximizing that benefit is already running.
If you're thinking about a move to St. Pete before year-end — or you're already a homeowner here and want to understand how your specific assessed value interacts with the new exemption — now is a good time to run the numbers. You can learn more about how homestead exemption works in Florida and how it stacks with Save Our Homes portability.
Curious what your home is worth heading into this fall market? Start with a free home value estimate — knowing your current assessed value is step one in calculating your potential savings under Amendment 3. Or if you're still deciding which St. Pete neighborhood makes sense, the best neighborhoods for first-time buyers guide is a good place to start your search before that December deadline.
I'm Luke Salm, a licensed Florida real estate agent (SL3446380) with RE/MAX Champions. I cover Pinellas, Hillsborough, and Pasco counties. Questions about how Amendment 3 affects a specific property you're considering? Reach out — I'm happy to walk through the numbers with you.
New to Tampa Bay — or thinking about a move?
I'm Luke, a licensed local agent. Get a free, no-pressure home valuation or neighborhood rundown — real numbers from someone who actually lives and sells here.
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