TALLAHASSEE, FL (352today.com) – There are three proposed amendments to the Florida Constitution on the 2026 midterm general election ballot. All three are related to taxes and budgets, and all three hold the potential to affect where residents’ money goes (or doesn’t), and how it’s used (or isn’t).
All three proposals were added to the ballot by the state legislature, and require a 60 percent voter approval majority to pass, per Florida state law.
Here’s what they do.
Amendment 1: Budget Stabilization Fund
Simply put, this proposed amendment would raise the maximum amount of money allotted to Florida’s budget stabilization fund (i.e., its “rainy day” fund) from 10 percent to 25 percent of the state’s general revenue. This is the money the state holds in reserve for fiscal emergencies.
The amendment would also set the total for mandatory annual deposits to the stabilization fund at $750 million until the 25 percent budget maximum is reached.
So basically, a “yes” vote on Amendment 1 is a vote for the state to put more of the taxpayers’ money (and other income) away for a rainy day.
It’s interesting to note that while the state legislature overwhelmingly supports Amendment 1, Florida Governor Ron DeSantis is against it, saying that the state already has plenty of money in reserve and that the difference could be used to lower taxes.
Amendment 2: Exemption of Tangible Personal Property on Agricultural Land from Taxation
Amendment 2 would exempt certain types of agricultural equipment, which generally qualify as “tangible personal property,” from property taxation if it’s used for things like farming or agritourism.
If passed, the amendment could help one aspect of the economy hit especially hard by recent inflation and other economic factors.
It would also cost local governments in Florida an estimated $30 million in tax revenue in its first year, with higher numbers in the years following. The uncertainty over its impact on rural or less densely populated areas of the state is the primary reason for opposition.
Amendment 3: Save Our Homes from Excessive Property Taxes
Amendment 3 is both the best publicized and most contentious of the proposals.
It would increase property-tax savings for Florida homeowners by increasing the state’s homestead exemption on a primary residence’s value from $50,000 to $150,000 in 2027, then to $250,000 in 2028. It would also reduce the amount assessments of second homes, business properties, etc. can increase annually, from 10 percent to 5 percent. This translates to big savings for Florida homeowners.
It also means less tax revenue for the state’s various municipalities and local governments, which is why residents are so split on the issue. Estimates on how much the amendment will cost the state’s cities and counties if passed have been as high as nearly $12 billion in the next five years. (That number comes from the nonpartisan Revenue Estimating Conference.)
Multiple organizations and agencies have come out in opposition to Amendment 3, including sheriff’s offices and firefighters across the state, who say the resulting budget shortfall could affect their ability to do their jobs.