Yes.
The Revenue Estimating Conference is predicting a $4.95 billion shortfall on local non-school property tax revenues in Fiscal Year 2027-28 if Amendment 3 passes.
If passed, Amendment 3 would provide an additional property tax exemption of up to $150,000 for homesteaded properties in 2027, increasing to $250,000 in 2028.
Gubernatorial candidate Byron Donalds was correct when stating the REC was predicting billions in revenue shortfall during an Aug. 3 roundtable event, but his $6 billion claim was higher than the $4.95 billion expected over the next couple of years.
If the amendment is fully phased in, revenue shortfalls are estimated to hit $11.86 billion by Fiscal Year 2031-32.
These shortfalls would likely mean cuts in local services and the increase of other taxes and fees. Donalds argued that the REC’s predictions are typically incorrect as a reason to support the amendment.
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Sources
- Florida House of Representatives Bill Summary Report
- Florida Revenue Estimating Conference Amendment 3 Overview
