Florida Amendment 3

October 7, 2026

Dear Chamber Members,

Statement on Florida Amendment 3

The St. Petersburg Area Chamber of Commerce supports meaningful property tax relief that keeps Florida affordable for residents and competitive for businesses. We oppose Amendment 3 because it would make a lasting change to local finances without a clear plan to sustain the services and infrastructure our community depends on.

Amendment 3 would increase the homestead exemption for nonschool property taxes to $150,000 in 2027 and $250,000 in 2028. It would also lower the annual cap on assessment increases for nonhomestead property from 10% to 5%. We recognize the relief this would provide to qualifying homeowners and the greater assessment predictability it could provide to some businesses and rental property owners.

At unchanged millage rates, state estimates project approximately $4.9 billion less in local property tax revenue in 2027 and $8.7 billion less in 2028. How local governments would respond, and what those decisions would mean for residents and businesses, is unresolved.

St. Petersburg’s economy relies on safe streets, public safety, dependable stormwater and utility systems, and neighborhoods prepared for future storms. Property tax reform should address affordability alongside those needs, with transparent fiscal estimates, meaningful local input, and a workable funding plan.

We urge state leaders to pursue comprehensive reform through the 2027 Taxation and Budget Reform Commission and the legislative process. For the proposal before voters, the Chamber recommends a no vote on Amendment 3.

Sincerely,

Chris Steinocher
President and CEO