WEST PALM BEACH, Fla. — Amendment 3 aims to change the property tax structure in Florida by saving money for homeowners and cutting revenue for cities and counties. It could have an impact on the Florida real estate market.
A 2025 study by Realtor.com suggests home values in Florida could rise 7% to 9% if the referendum passes, and some real estate professionals say there will likely be an impact.
WATCH BELOW: Amendment 3 could shake up Florida housing market
"I don't see them going up to like the 7, 8, 9, 10 percent," says Jeff Lichtenstein of Echo Fine Properties in Palm Beach Gardens.
However, he does see a possible rush of buyers entering the market.
"You better be prepared because if it happens, it will happen fast," Lichtenstein said. "I think there will be a mad rush to get in here, because if not, then you're waiting five years."
That's because the referendum requires homeowners to be homesteaded in Florida by Dec 31 to receive the full tax savings right away.
New home buyers entering the state would have a five-year waiting period to get the full homestead exemption.
The Florida Realtors is publicly supporting Amendment 3 but isn't convinced about property values rising quickly.
"The cost of home is economically driven," Florida Realtors CEO Margy Grant. "It's a supply and demand conversation, and when inventory increases, prices stabilize and we've seen that in recent months."
Amendment 3 needs 60% of the vote to pass on November 3.