Florida Ballot Carries Three Tax, Reserve Measures

Florida voters will consider three constitutional amendments on Nov. 3 that would change how the state funds its reserve account and set new rules for property taxes on homes, farms, and commercial buildings. Each measure needs 60% approval to pass.

Amendment 1 would raise the cap on the Budget Stabilization Fund, the state's rainy day account, from 10% to 25% of net general revenue collections. The legislature would deposit up to $750 million per year into the reserve until it reaches that target. Lawmakers could pause deposits or pull money out during revenue shortfalls, natural disasters, or other critical state needs. The Florida Department of State supplied the information on the measures.

Amendment 2 targets tangible personal property taxes on equipment used in farming, ranching, and agritourism. Tractors, irrigation systems, harvesters, and livestock tools that sit on land classified for agricultural use would be exempt. The equipment must be owned by the landowner or leaseholder and put to work in production or in activities such as farm tours.

Amendment 3 would expand the non-school homestead exemption up to $250,000 by 2028. It would also cut the yearly cap on assessment growth for non-homestead properties, including second homes, commercial buildings, and rental units, from 10% to 5% starting Jan. 1, 2027. Local governments have not yet said how they would adjust budgets if tax revenue drops.

All three measures appear on the Nov. 3 ballot and require at least 60% yes votes to take effect. If the tax measures pass, their initial provisions are scheduled for Jan. 1, 2027.