Published October 12, 2026 · Market Education · CapeCoralListingAgent.com
If you own a home in Cape Coral, you've probably seen "Amendment 3" on a yard sign or in a mailer by now. It's on the November 3 ballot, and it would change how property taxes work in Florida. I'm not going to tell you how to vote. That's yours. What I can do is explain what the amendment actually says, because in my conversations this fall the questions haven't really been about politics. They've been about timing. Should I move before the end of the year? Does this affect my second home? If I sell, do I lose something?
Here's what's in it, as plainly as I can put it.
What it would change for homestead owners
Today, a Florida homeowner who lives in the home as a primary residence gets a homestead exemption of $50,000 off the assessed value. If voters approve Amendment 3, the exemption for non-school property taxes would rise to up to $150,000 in 2027 and up to $250,000 in 2028, then adjust for inflation from 2029. School taxes would still apply above the first $25,000, as they do now.
Two things matter about that. First, it reduces taxable value, not tax rates. Cities, counties and other taxing authorities still set millage every year, and non-ad valorem assessments are unaffected. Second, the savings will vary a lot from home to home, depending on your assessed value, your existing Save Our Homes benefit and local rates. Nobody can tell you your exact number yet, including the property appraiser, because implementing legislation would still have to be written.
Save Our Homes stays. Portability stays. Senior, veteran, disability and widow or widower exemptions stay as they are.
What it would change for second homes and rentals
If your Cape Coral home is a second home, a seasonal place or a rental, it isn't homesteaded, and it wouldn't get the larger exemption. What would change is the annual cap on assessment increases for non-school taxes, which would drop from 10% to 5%. That can slow how fast the assessed value climbs. It doesn't cap the tax bill itself, and school taxes stay based on market value.
The date people are asking me about: December 31, 2026
This is the part that has turned a ballot question into a planning question.
As written, people who are permanent Florida residents as of December 31, 2026 would be eligible for the larger exemption once they homestead a property, even if they buy that home later. People who become residents on or after January 1, 2027 would start with a smaller new-resident exemption of $50,000 for non-school taxes, and wouldn't reach the larger exemption until the fifth year of holding a Florida homestead.
So if you're a seasonal owner who has been meaning to make Cape Coral your permanent home "eventually," or a family planning to move a parent here, the calendar matters this year in a way it usually doesn't. That's a real consideration. It's also not a reason to rush. Changing your residency has consequences beyond property tax, including your former state's rules, and the right person to walk you through that is a tax advisor or attorney, not a Realtor and not a blog post. The amendment also still has to pass with at least 60% of the vote.
If you already live here and you're thinking about moving
This is the question I hear most from long-time Cape Coral owners, so I want to answer it directly. As the amendment is written, if you're already a Florida resident and you sell and buy again within Florida, the new-resident provision isn't aimed at you. You would be eligible for the larger exemption on your next homestead, and portability, which lets you carry some of your Save Our Homes benefit to a new home, isn't changed by the amendment.
In other words, as I read it, the amendment doesn't penalize a move within Florida. If a move has been on your mind, the right reasons to make it or not make it are still the ones that were there before: whether your home is working for you, and what the next few years should look like.
What I'd do with this
If the amendment passes, the details will keep coming into focus through 2027 as the Legislature writes the rules and property appraisers update their estimators. If it fails, current law simply stays in place. Either way, the useful move now is to know which of the three groups you're in: a homestead owner staying put, a second-home owner, or someone whose residency or move timing could be affected.
If you're in that third group, I'm glad to talk through the real estate side of the timing with you, and to point you to the people who should handle the tax side.
Reply HOMESTEAD on any of my posts and I'll send you this breakdown, or reach out directly if you'd like to talk through your own situation. This is general information, not tax or legal advice. For your specific numbers, the Lee County Property Appraiser's office and your tax advisor are the final word.
— Carleen Murone, REALTOR®, GRI, SRES® · eXp Realty · Living Well in Cape Coral