Voters decide Amendment 3 on November 3, 2026. If it passes, part of a Lake Mary home's tax bill will depend on something no listing shows: whether the owner was a Florida resident on December 31, 2026. For a family relocating to Seminole County, that date sets when the $250,000 homestead exemption would reach their bill. Two buyers could close on identical houses on the same street in 2027 and get different non-school tax bills for up to four years.
The Sentence in the Ballot Summary That Sorts Buyers
The official ballot summary on the Florida Department of State's Amendment 3 page puts the dividing line in one sentence:
Persons who are not Florida residents on December 31, 2026, will receive the existing homestead exemption upon qualifying for a homestead exemption, with the increased homestead exemption beginning with the fifth year of exemption, to the extent permitted by the U.S. Constitution.
For owners who meet the cutoff, the exemption on all non-school taxes would rise to $150,000 in 2027 and $250,000 in 2028, then adjust for inflation. For 2026, the current homestead exemption is worth up to $51,411. Under the amendment, the starting exemption for new Florida residents is $50,000, with annual CPI adjustments beginning in 2028. Of the current exemption, $25,000 applies to every millage, school taxes included, and only that first $25,000 would stay exempt from school taxes for any owner.
The Pinellas County Property Appraiser's Amendment 3 FAQ explains how the waiting period counts. A new resident starts with the new-resident exemption. The larger one becomes available after the owner has kept a Florida homestead exemption for four years, and it first applies on January 1 of the fifth year. Homestead eligibility is set on January 1. Under the Seminole County Property Appraiser's exemption rules, the owner must hold title and keep the home as a permanent residence as of that date. Here is how that plays out for a family that buys and moves to Lake Mary in spring 2027:
- They move in after January 1, 2027, so they don't qualify for a 2027 homestead exemption.
- Their first exemption year is 2028, at the new-resident amount. That same year, the $250,000 exemption begins for owners who met the cutoff.
- They stay on the new-resident exemption through 2029, 2030 and 2031.
- In 2032, their fifth exemption year, the larger exemption applies to them.
Two more details matter here. The enacting resolution, CS/HJR 1F, lets a county or city shorten the five-year requirement by a two-thirds vote for a critical local need, but not before January 1, 2030. And the phrase "to the extent permitted by the U.S. Constitution" appears in the ballot summary but not in the resolution's operative fifth-year clause.
What the Gap Looks Like on an Actual Bill
The Seminole County Property Appraiser's Amendment 3 presentation walks through one homesteaded property with a $500,000 market value and a $350,000 assessed value, located in unincorporated Seminole County. The figures below come from that example.
| Tax line | 2026, current law | 2027, if it passes | 2028, if it passes |
|---|---|---|---|
| Homestead exemption | $51,411 | $150,000 | $250,000 |
| Seminole County | $1,604.95 | $1,075.02 | $537.51 |
| School Board | $1,705.93 | $1,705.93 | $1,705.93 |
| Fire | $825.57 | $552.98 | $276.49 |
| Road | $33.05 | $22.14 | $11.07 |
| SJRWMD | $53.54 | $35.86 | $17.93 |
| Total | $4,223.04 | $3,391.93 | $2,548.93 |
The appraiser estimates savings of $831 in 2027 and $1,674 in 2028 compared with 2026. Under the ballot language, a newcomer who owned that same house would stay on the new-resident exemption through year four. On this example, that difference is roughly the size of the 2028 savings figure, every year until the clock runs out.
The School Board line doesn't change in any column. The exemption covers non-school taxes only, so the largest single line on this bill stays the same for every owner.
Recent buyers would feel the gap most. The Pinellas FAQ points out that first-time recent homesteaders often have taxable values closer to market value, so they may be more likely to get the full benefit of a larger exemption. A relocating family buying in Lake Mary in 2027 starts with an assessment near the purchase price. That is the kind of owner the larger exemption helps most, and the waiting period would delay that help. The example is for an unincorporated address. A Lake Mary home also carries the city's levy, and the larger exemption would apply to that levy too, because it is a non-school tax.
Across Seminole County, 47.17% of homestead parcels have an assessed value above $250,000. The appraiser puts their average savings at the $250,000 exemption level at $1,912.
Move-Up Buyers Already in Florida Keep Their Portability
For a family already homesteaded in Seminole County that is trading up within Lake Mary, the picture is different. The Pinellas FAQ says Amendment 3 "does not change Florida's portability provisions," and the resolution keeps Save Our Homes portability in place.
Here is how the Seminole County Property Appraiser's portability page describes it. Portability moves all or part of the Save Our Homes assessment difference from a prior Florida homestead to a new one, capped at $500,000. A buyer who upsizes can move the full difference. A buyer who downsizes gets a proportional share. The new homestead has to be established within three years of January 1 of the year the old homestead was abandoned, which isn't the same as three years after the sale. Seminole County also requires Form DR-501T along with the homestead application.
So a Lake Mary owner moving up the street could bring two advantages to the new house: a ported assessment difference, and residency from before the cutoff. One question is still open. No published ruling or FAQ found in this research says directly whether someone who was a resident on the cutoff date, and later sells and buys another Florida homestead, keeps eligibility for the larger exemption. The Pinellas FAQ says a person who is a Florida resident by December 31, 2026 may get the larger exemption after buying a home later. That points toward yes, but the FAQ doesn't address the sell-and-rebuy case, and it notes that administrative details may wait on implementing legislation.
Residency Is Decided on Facts, Not One Form
For relocating families, the next question is what counts as being a resident on December 31. The Florida House bill analysis describes permanent residence as a fact-based determination the property appraiser makes. The evidence it lists includes:
- A declaration of domicile
- Voter registration
- Florida identification
- Vehicle registration
- The address on tax returns
- Utilities
Sources disagree on renters. The Florida Policy Institute noted in July 2026 that the amendment doesn't define how non-homeowners establish residency, and warned that renters who buy later could face the waiting period. The Pinellas FAQ takes the more permissive view described above. This matters for families who rent in Lake Mary while they learn the area before buying, and it is one of the questions implementing legislation would need to answer.
Lake Mary's Budget Is Part of the Same Math
The exemption changes how much of each home is taxed. It doesn't set tax rates. The Pinellas FAQ notes that future bills can also change with millage rates, non-ad valorem assessments and fees. That is why Lake Mary's own finances belong in this discussion.
The city manager's FY 2027 budget message, dated July 16, 2026, proposed keeping the 3.5895-mill rate unchanged for the fourteenth year in a row. It calls that rate the lowest total municipal rate in Seminole County. The same message says property taxes provide 43.53% of General Fund revenue. Taxable values are projected to rise 4.12%, from $3.80 billion to $3.96 billion, which the message ties to a 21.70% drop in new construction, softer commercial values from office vacancies and relatively flat residential values.
The Property Appraiser projects that Amendment 3 would cut Lake Mary's property tax revenue by $1.44 million, or 10%, in FY 2027-28 and by $2.67 million, or 19%, in FY 2028-29. Those projections assume no change in values or millage. At the county level, Seminole County's July 14, 2026 budget worksession estimated a $119 million annual reduction at full implementation. The appraiser's two-year projection for county funds comes to $188 million across those two years, built on its own static assumptions. WESH reported that Seminole County Fire Chief Matt Kinley said a possible 23% cut to Fire Department funding would equal $33 million.
For a newcomer still on the new-resident exemption, a millage increase would land on a larger taxable value than the one their longer-tenured neighbors pay on. The budget decisions after 2027 will shape how wide the two-class gap becomes in dollars.
What Remains Unsettled Before and After the Vote
The amendment needs 60% approval. Early October polls disagree widely. A James Madison Institute poll released October 9 showed 63% support. An NBC 6/Telemundo Mason-Dixon poll reported October 7 showed 55%. A St. Pete Polls survey reported by Florida Politics on October 8 showed 42%.
Even if it passes, the newcomer clause could be challenged in court. Florida TaxWatch's amendment guide raises equal-protection concerns and cites a 1982 Florida Supreme Court decision that struck down a similar five-year homestead waiting period. In that case, Osterndorf v. Turner, the court held that length of Florida residence alone couldn't justify different taxes. It decided the case under the Florida Constitution and didn't reach the federal questions. The Miami Herald reported that Institute for Justice litigator Robert McNamara called the provision "at first blush" apparently unconstitutional. The 2026 lawsuits so far have been about the ballot language, not the waiting period itself.
Quick Answers
When would a Lake Mary owner first see the change? The amendment would take effect January 1, 2027. The Pinellas FAQ says the change would first show up on August 2027 TRIM notices and on tax bills mailed in November 2027.
Does anything change for non-homestead owners, such as a rental or second home? The yearly cap on assessment increases for non-homestead property would drop from 10% to 5%. The cap limits how fast assessed value can grow. It doesn't cap the taxes themselves, and school taxes would still be based on market value.
Does the amendment change the Save Our Homes cap? No. The Seminole County Property Appraiser's materials say the existing Save Our Homes limit and portability stay the same. The cap the amendment changes is the separate one for non-homestead property.
This post is general information, not legal, tax or financial advice. Every household's residency facts and homestead history are different, so please confirm your situation with the Seminole County Property Appraiser or a qualified tax professional.
If you're planning a move to Lake Mary or a move up within Seminole County and want to see how timing, portability and the November vote might affect the homes you're considering, Tara Mruk can walk through it with you. Schedule a free consultation, and we'll go over a plan built around your dates.
