Will Amendment 3 Lower My Property Taxes If I Own a Second Home in Sarasota?
Will Amendment 3 lower your property taxes if you own a second home in Sarasota? It depends on which of three groups you're in, and as a REALTOR® who spent more than 30 years as a real estate appraiser, I can tell you the answer for a second-home owner is very different from the answer for a full-time resident. If it passes, second homes and rentals don't get the bigger homestead exemption. What they would get is a lower cap on how fast their assessed value can rise each year.
Carolyn Yates is a REALTOR® with Coldwell Banker Realty in Sarasota, Florida, helping second-home owners and people moving to Florida decide whether to keep, sell or move down full time.
I'm not here to tell you how to vote. And I'm not your tax advisor. Your county property appraiser has a calculator, and that's the number to trust. What I can do is explain how it works, so you know which group you're in.
What is Amendment 3?
What is Amendment 3? It's a proposed change to Florida's constitution on the November 3, 2026 ballot that would change how property taxes work for homeowners. It needs 60% of the vote to pass. If it passes, most of it takes effect January 1, 2027.
The changes land differently depending on whether the home is your primary residence, whether you're new to Florida, or whether it's a second home or rental. So the honest way to explain it is one group at a time.
Group 1: What changes if I already live here full time?
What changes for a full-time resident who already has a homestead exemption? Today, the homestead exemption on non-school property taxes is $51,411. Under Amendment 3, it would go to $150,000 in 2027 and $250,000 in 2028, then grow with inflation.
One thing to know: school taxes don't change. The bigger exemption applies to non-school taxes only.
Group 2: What if I'm moving to Florida after this year?
What if you move to Florida after 2026? You'd start with today's exemption. The larger one would start in your fifth year of having the exemption.
If you're planning a move to Sarasota, Venice or Lakewood Ranch in the next few years, that timing is worth understanding before you decide when to buy. Your county property appraiser can tell you exactly how it would apply to you.
Group 3: What if it's a second home or a rental?
What happens to a second home or a rental? There's no bigger exemption. Homestead exemptions are for a primary residence only, and that doesn't change.
What would change is the cap. Today, the assessed value on a non-homestead property can rise up to 10% a year. Under Amendment 3, that cap would drop to 5%.
That doesn't mean your taxes go down. It means the yearly increase in your assessed value would be limited to a smaller amount. The tax rates themselves are set separately.
What does this mean if I'm deciding whether to keep or sell my second home?
What does Amendment 3 mean for a second-home owner deciding whether to keep, sell or move down full time? It changes the math, so know which group you're in first. Here's how I'd think about it:
- Find your current numbers. Look up your property's tax bill and assessed value on the county property appraiser's website.
- Run the property appraiser's calculator for the scenario that fits you: staying a second-home owner, or making the house your primary residence.
- Bring the numbers to your tax advisor before you make a decision based on taxes.
- Look at the house too. Taxes are one line. Insurance, HOA dues, a CDD fee if there is one, and the cost of keeping an empty house cared for are others.
- Know what it's worth today. Whatever you decide, a real number from comparable sales makes the decision clearer.
What are the most common mistakes people make with Amendment 3?
Assuming everyone gets the bigger exemption. Only a primary residence with a homestead exemption does.
Forgetting about school taxes. The bigger exemption doesn't apply to them.
Thinking a 5% cap means lower taxes. It limits how fast your assessed value can rise. It doesn't cut the bill.
Using someone else's savings estimate. Every property is different. The property appraiser's calculator is the number to trust.
Making a move based on a vote that hasn't happened. It needs 60% to pass. Plan for both outcomes.
What does this look like in real life?
These are situations I see often. They aren't specific clients.
The seasonal owner in a villa. They spend winters here and summers up north. Amendment 3 wouldn't give them the bigger exemption, but the lower cap could change how their assessed value grows. They want to know that before deciding whether to keep the villa another few years.
The couple planning to move down for good. They own a second home here now and plan to make it their primary residence. For them, the question is timing, and the property appraiser's calculator is where to start.
The out-of-state owner thinking about selling. They're weighing taxes, insurance and the cost of caring for an empty house from far away. Taxes are one piece of that decision. If selling from out of state is where you're headed, I wrote about that in How Do I Sell a Vacant Home in Sarasota From Out of State?
Frequently asked questions
Does Amendment 3 apply to second homes in Florida?
Does Amendment 3 apply to second homes? Not the bigger exemption. That's for a primary residence only. The change for second homes and rentals is a lower cap on yearly assessment increases, from 10% to 5%.
Does Amendment 3 lower school taxes?
Does Amendment 3 lower school taxes? No. The bigger homestead exemption applies to non-school taxes only.
When would Amendment 3 take effect?
When would Amendment 3 take effect? If it passes on November 3, 2026, most provisions take effect January 1, 2027.
How much would I save under Amendment 3?
How much would you save? It depends on your property and which group you're in. Your county property appraiser has a calculator, and that's the number to trust.
Should I wait until after the vote to sell?
Should you wait until after the vote to sell? That depends on your situation, your timeline and what the house is worth today. If you're weighing it, call me and we'll look at your numbers together.
Are there other costs I should compare besides taxes?
What other costs should you compare? Insurance, HOA dues, and in many newer communities, a CDD fee. I explain that one in What Is a CDD Fee?
Own a second home in Sarasota?
Carolyn Yates is a REALTOR® with Coldwell Banker Realty in Sarasota, Florida, helping second-home owners and people moving to Florida decide whether to keep, sell or move down full time. I work from Parrish to Punta Gorda, including Sarasota, Osprey, Venice, Nokomis, Lakewood Ranch, Bradenton and Wellen Park.
If you're deciding whether to buy, sell, or move down full time, send me a message. I'll help you with the house. Your tax advisor handles the taxes.
Call or text: 941-400-6838
Priced Like an Appraiser, Staged Like a Designer.
Carolyn Yates, REALTOR®, Florida License SL3552680
Coldwell Banker Realty, 8181 S Tamiami Trl, Suite B, Sarasota, FL 34231
Equal Housing Opportunity.
