Florida Amendment 3 on the November 2026 Ballot: What Valrico Homeowners and Buyers Need to Know

On November 3, 2026, Florida voters will decide the fate of Amendment 3, a constitutional change that would deliver the largest homestead exemption expansion in Florida history. For Valrico homeowners and buyers in Hillsborough County, the outcome has direct dollar consequences: if Amendment 3 passes with 60% approval, it would more than double the non-school property tax exemption and lock in further increases through 2028. If it fails, nothing changes.

This guide breaks down exactly what Amendment 3 does, what it is worth in specific dollar terms for Valrico homeowners across different price ranges, who benefits most, and what the tradeoffs are for local government services and the broader housing market.

What Amendment 3 Actually Does

Amendment 3, placed on the November 2026 ballot by the Florida Legislature as CS/HJR 1F, has three main components:

Component 1: Expand the non-school homestead exemption.

Currently, homeowners with a Florida homestead exemption receive:

• A $25,000 exemption applied against all property taxes (school and non-school)
• An additional $25,000 exemption (covering the assessed value from $50,000 to $75,000) applied against non-school taxes only

Under Amendment 3, the non-school exemption would expand from $25,000 to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments beginning in 2029. The school district exemption remains unchanged at $25,000. The net effect is that a significantly larger portion of your home's assessed value becomes shielded from the non-school portion of your tax bill.

Component 2: Lower the assessment cap on non-homestead properties.

Currently, annual assessment increases on non-homestead properties (rental homes, second homes, commercial) are capped at 10%. Amendment 3 would reduce that cap to 5%. This affects landlords, investors, and anyone with a Florida property that does not carry a homestead exemption.

Component 3: Limit local government revenue growth.

Amendment 3 includes a provision restricting how much property tax revenue local governments can collect beyond certain thresholds. This is the provision that generated the most opposition from Florida's counties and municipalities.

What Amendment 3 Is Worth to Valrico Homeowners

The dollar impact varies by your home's assessed value. Let me run the numbers for representative Valrico price ranges.

To understand the math: Hillsborough County's non-school millage rate totals approximately 10.5 mills (county general fund, library, special districts). The school district adds approximately 7.5 mills but is unaffected by Amendment 3's expansion. So the savings come entirely from the non-school portion.

At $350,000 assessed value (33594 entry-level home):

Current situation: Homestead exemption reduces taxable value to $275,000 for non-school taxes. Non-school tax bill: $275,000 x 0.0105 = $2,888 annually.

With Amendment 3 in 2027: The new non-school exemption structure shields $150,000 of assessed value (up from roughly $50,000 under current law). For non-school purposes, the taxable value drops to $200,000. Non-school tax: $200,000 x 0.0105 = $2,100 annually.

Annual savings in 2027: approximately $788. Monthly savings: approximately $66.

At $415,000 assessed value (Valrico blended median):

Current non-school tax: approximately $3,675 annually.

With Amendment 3 in 2027: approximately $2,783 annually.

Annual savings: approximately $892. Monthly savings: approximately $74.

At $469,000 assessed value (33596 median, Newsome zone):

Current non-school tax: approximately $4,385 annually.

With Amendment 3 in 2027: approximately $3,360 annually.

Annual savings: approximately $1,025. Monthly savings: approximately $85.

At $550,000 assessed value (River Hills, Diamond Hill):

Current non-school tax: approximately $5,513 annually.

With Amendment 3 in 2027: approximately $4,200 annually.

Annual savings: approximately $1,313. Monthly savings: approximately $109.

Note that these estimates use current millage rates. If counties respond to the revenue limitation by adjusting other rates or fees, the net savings could differ. Florida's Revenue Estimating Conference calculated the statewide fiscal impact at $12 billion on a recurring annual basis.

The 2028 Expansion: Even Larger Savings in Year Two

The 2027 figures above are only the beginning. In 2028, the non-school exemption expands further from $150,000 to $250,000. For Valrico homeowners with assessed values in the $350,000 to $550,000 range, the additional year of expansion could yield savings of $1,500 to $2,500 per year once fully phased in, on top of the 2027 benefit.

Starting in 2029, the exemption amount would be adjusted annually for inflation, providing ongoing protection against assessment-driven tax increases.

Who Benefits Most from Amendment 3

The amendment is most impactful for:

Long-term owner-occupants in established Valrico neighborhoods. Homeowners in Bloomingdale, Buckhorn, Twin Lakes, and Copper Ridge who have homestead exemptions and are paying taxes on assessed values in the $300,000 to $500,000 range see the largest absolute dollar savings.

Recent buyers paying full market value. Buyers who purchased in 2021 through 2024 at peak prices have higher assessed values and smaller Save Our Homes differentials. Amendment 3 provides meaningful relief at exactly the price ranges where new buyers are concentrated.

Fixed-income households and retirees in Valrico. For homeowners on fixed incomes, the monthly savings of $66 to $109 per month can make a meaningful difference in housing affordability. This is particularly relevant in established neighborhoods like Sun City Center-adjacent parts of south Hillsborough and in Valrico 55-plus communities.

The amendment is less impactful for:

Homeowners with very low assessed values. If your assessed value is already well below $150,000 due to decades of the Save Our Homes cap, the expanded exemption provides minimal additional benefit.

Owners of investment properties. The homestead expansion applies only to primary residences. Rental properties benefit only from the non-homestead assessment cap reduction (from 10% to 5%).

The Tradeoffs: What Amendment 3 Costs Local Government

Amendment 3's $12 billion recurring fiscal impact does not disappear. The money comes from somewhere, and understanding where is essential for an honest analysis.

School district funding is largely protected. The school millage rate is unaffected by the homestead exemption expansion, since the school exemption stays at $25,000. Schools receive the lion's share of property tax revenue in Florida, and they are not directly reduced by Amendment 3. However, the local government revenue limitation in the third component could indirectly constrain local school spending supplements where counties provide additional school funding from the general fund.

Local services face funding pressure. Hillsborough County provides roads, parks, libraries, fire protection, code enforcement, and dozens of other services through property tax revenue. If the revenue limitation in Amendment 3 takes effect as written, the county will have fewer dollars to provide those services unless it offsets the loss through other fees, cuts, or state funding increases. Hillsborough County is among the fastest-growing counties in Florida, which makes a revenue cap particularly complex.

Florida TaxWatch and the Florida Policy Institute have both published detailed analyses. Voters who want the full picture should read those before November 3.

What This Means for Valrico Home Values and Buyer Demand

Amendment 3 would improve housing affordability in Valrico in two measurable ways.

First, lower annual tax bills improve cash flow for existing homeowners, reducing default risk and making housing costs more sustainable for buyers who stretched to purchase in the 2020 to 2024 appreciation cycle.

Second, when affordability improves, buyer demand tends to increase. A $74 to $109 per month reduction in effective housing cost for Valrico homeowners is equivalent to a 0.1% to 0.2% reduction in the mortgage rate for a typical buyer. That is not a dramatic market-moving force on its own, but combined with other affordability improvements, it can pull qualified buyers off the sidelines.

From a seller perspective, if Amendment 3 passes and is seen as a durable benefit, homes in Valrico that carry strong Newsome or Bloomingdale High School zone positioning should see modest additional demand pressure in the spring 2027 buying season.

The Non-Homestead Assessment Cap Change: What Valrico Investors Need to Know

If you own rental properties in Valrico or east Hillsborough County, the reduction of the non-homestead assessment cap from 10% to 5% provides meaningful protection for your operating costs.

In a market where Valrico property values increased 15% to 30% from 2020 to 2023, some investment properties saw assessed values rise by the full 10% annual cap for three consecutive years, compressing cash flow. A 5% annual cap reduces that exposure significantly in future appreciation cycles.

However, investors should note that this change also affects commercial properties, second homes, and other non-homestead categories, and the full fiscal impact on local government revenue could have indirect effects on infrastructure investment that supports investment property values.

How to Register and Vote on Amendment 3 in Hillsborough County

Amendment 3 will appear on the November 3, 2026 general election ballot. To vote in Hillsborough County:

• Voter registration deadline: 29 days before the election (approximately October 5, 2026)
• Early voting: typically begins 10 days before the election
• Vote-by-mail: request a mail ballot through the Hillsborough County Supervisor of Elections office

The Hillsborough County Supervisor of Elections website at hcvotes.com has full registration, early voting, and mail ballot request information.

Remember that Amendment 3 requires 60% approval, not a simple majority. This is a higher threshold than most ballot items, and the amendment needs broad support across Florida's 67 counties to pass.

What Valrico Buyers and Sellers Should Do Now

If you are buying in Valrico before November 3, 2026: Price your purchase assuming current tax law applies. Do not underwrite a purchase based on Amendment 3 passing. Factor in the potential upside as a positive scenario, not a baseline. If the amendment passes, your effective monthly cost drops and you can refinance that savings into other priorities.

If you are selling your Valrico home this fall: Amendment 3 is a positive story to tell prospective buyers. The prospect of lower property taxes in 2027 and 2028 improves the total cost of ownership picture for Valrico homes. Include it in your pre-listing marketing materials with accurate information.

If you are a current Valrico homeowner: You do not need to do anything before November. If Amendment 3 passes, the Hillsborough County Property Appraiser will automatically apply the new exemption structure for the 2027 tax year. You do not need to re-file for your homestead exemption.

Barrett Henry is a Broker Associate at REMAX Collective with 23 years of real estate experience in Valrico and east Hillsborough County. For questions about how Amendment 3 or any property tax change affects your specific buying or selling decision, contact him through the form on this page.

Related Resources on ValricoAgent.com

For a complete explanation of how Hillsborough County property taxes are calculated and what the homestead exemption currently delivers, see Property Taxes in Valrico FL and Hillsborough County. For the TRIM notice you just received and how to read it, see our Hillsborough County 2026 TRIM Notice Guide for Valrico Homeowners. If you are thinking about the relationship between taxes and your home's value, our Valrico FL Home Price Forecast for 2027 covers the four forces shaping prices going into next year.

External sources:

• Florida Amendment 3 Official Ballot Language and Fiscal Analysis - Florida Policy Institute
• Florida Property Tax Proposal: 2026 Details and Analysis - Tax Foundation
• Proposed 2026 Florida Amendment 3 FAQs - Pinellas County Property Appraiser