Florida's Amendment 3, a legislatively referred constitutional measure requiring 60% voter approval on November 3, 2026, would raise the non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028 with inflation indexing, lower the annual assessment cap on non-homestead properties from 10% to 5%, impose a five-year residency waiting period for new residents, and restrict remaining local property tax revenues to core services such as public safety and infrastructure. The proposal advanced through a June 2026 special session with strong Republican legislative majorities but faced successful legal challenges to its original ballot language, prompting a court-ordered rewrite in August that replaced the original title with neutral phrasing. Early polling using the initial summary showed 64% support, yet surveys presenting the projected $5 billion to nearly $12 billion annual local revenue losses indicated support falling below the 60% threshold. Opposition from counties and municipalities over service impacts, combined with the high passage bar and neutral ballot text now in place, has shaped trader consensus around the current odds.