Florida voters face three tax and budget decisions on Nov. 3

Florida voters will decide on three constitutional amendments on Nov. 3, each requiring at least a 60 percent approval vote to pass. These measures address the state budget reserve, property taxes for agricultural equipment, and homestead exemptions for homeowners.

Amendment 1 targets the Budget Stabilization Fund, commonly called the rainy day fund. The proposal raises the maximum size of this reserve from 10 percent to 25 percent of net general revenue collections. The state legislature would be directed to deposit up to $750 million into the fund annually until it reaches that new cap. Lawmakers could pause deposits or withdraw money during revenue shortfalls, natural disasters, or other critical state needs.

Amendment 2 focuses on taxes for agricultural machinery. It would eliminate tangible personal property taxes on equipment used in farming, ranching, and agritourism. Items covered include tractors, irrigation systems, harvesters, and livestock tools. To qualify, the equipment must be habitually located on legally classified agricultural land and owned by the landowner or leaseholder. The machinery must be actively used for production or activities such as farm tours.

Amendment 3 changes how property taxes are assessed for homeowners and other property owners. It expands non-school homestead exemptions to $250,000 by 2028. It also lowers the annual cap on assessment growth for non-homestead properties, such as second homes, commercial buildings, and rental units, from 10 percent to 5 percent. That change would begin on Jan. 1, 2027. Local governments have not yet clarified how they will adjust budgets if they face revenue shortfalls from these changes.

If approved, the initial provisions for the tax changes in Amendments 2 and 3 would take effect on Jan. 1, 2027. The Florida Department of State provided the details for these ballot measures.

Voters in Clearwater and across Florida will cast their ballots on these three items during the general election.