Property Appraiser Projections Show Smaller Monroe County Impact If State Amendment 3 Passes
The State of Florida will vote on an amendment to the Florida Constitution, known as Amendment 3, in November. The amendment would increase homestead exemptions to $150,000 in Fiscal Year 2027 (FY27) and $250,000 in Fiscal Year 2028 (FY28) and would cap the amount non-homesteaded properties can increase in assessed value from 10% to 5%. Local governments statewide have been analyzing potential impacts on their budgets and the government services they provide to citizens.
Original estimates from the state’s Office of Economic and Demographic Research (EDR) projected a Monroe County revenue loss of about $9 million in FY27 and about $17.5 million in FY28.
On Wednesday, Monroe County Property Appraiser Scott Russell provided refined property value projections to the Board of County Commissioners (BOCC) showing the potential local impact of proposed Amendment 3, if Florida voters approve the referendum in November. His projections, using detailed data and a conservative 2.5% annual increase in Just Value, show that overall taxable value would continue to increase in individual taxing districts, except for the District 1 Lower and Middle Keys Fire and Ambulance taxing district. No projections show the county losing assessed property value. Monroe County is one of only two counties in Florida where the assessed value projections do not decrease based on Amendment 3 impacts.
Based on Russell’s projections, the Monroe County Office of Management and Budget presented an overall countywide ad valorem revenue increase of approximately $287,440 in FY27 and a cumulative $1.52 million in FY28, reflecting strong property values and a stable economy.
“The state projections were based on an earlier set of assumptions, as well as a projection of ‘lost growth potential,’ and did not reflect Monroe County’s FY26 certified values,” said Monroe County Administrator Christine Hurley. “Using the most current local data gives us a clearer picture of how the proposed amendment could affect taxable values and our county services.”
The Property Appraiser’s analysis uses the FY26 certified values and projects Just Value growth of 2.5% for FY27 and FY28. The analysis also assumes:
- Homesteaded property values increase by 3%, consistent with the maximum annual Save Our Homes assessment increase.
- Non-homesteaded and commercial property values increase by 5%, instead of 10% currently allowed in the law.
- The homestead exemption increases to $150,000 in FY27 and $250,000 in FY28 under the proposed amendment.
While overall taxable values are projected to grow, the increased homestead exemption would reduce the portion of residential homestead value subject to taxation.
“These projections matter as Monroe County begins planning future budgets,” said Hurley. “Even with continued taxable value growth, the county anticipates about $12.5 million in typical annual expense increases, including personnel costs, contractual obligations, and vendor-related inflation.”
In addition, the legislature passed another bill, House Bill 1329, which requires county staff to conduct a 10% budget reduction exercise when developing the FY28 budget. That bill requires every local government to identify legally obligated and mandatory expenditures. When preparing these budgets, the BOCC will evaluate potential reductions and the millage rates needed to continue essential county services.
The Property Appraiser’s figures are projections and will continue to be refined as updated property values and certified tax roll information become available.
A special workshop and informational session on this topic is scheduled for Oct. 20 at 5 p.m. at the Marathon Government Center and via Zoom. Zoom details will be available at www.monroecounty-fl.gov/calendar. More information on Monroe County’s FY26 budget can be found at www.monroecounty-fl.gov/budget.
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