NEFAR president-elect says Amendment 3 is a step toward making homeownership more accessible

Florida voters’ approval of Amendment 3 is a step toward making homeownership more accessible by lowering property taxes, the president-elect of the Northeast Florida Association of Realtors said.RELATED: Gateway Jax says downtown Publix project cannot move forward without city partnership, $50M tax packageThe amendment means many homeowners using the homestead exemption will pay thousands less in property taxes.So how will this affect the housing market?The amendment increases Florida’s homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with annual inflation adjustments beginning in 2029.For context, the homestead exemption hasn’t been updated in nearly 20 years.It was last raised from $25,000 to $50,000 back in 2008.Gonzalo Mejia, President-Elect of the Northeast Florida Association of Realtors, said the timing couldn’t be better with interest rates over 7% and the cost of living continuing to climb.“So the idea with this is now looking forwar