Florida, California Voters Approve Homestead Exemption, Housing Bonds
Voters across Florida and California approved major tax cuts and housing subsidy measures during the November 2026 elections, reshaping local property taxes and state mortgage financing.
Florida Approves Homestead Tax Exemption Expansion
In Florida, nearly 62 percent of voters approved Amendment 3, which increases the homestead property tax exemption on primary residences. Univision reported that the exemption will rise to $150,000 in 2027 and reach $250,000 by 2028. The tax relief aims to assist homeowners facing annual property tax bills starting at $3,000.
Municipal Budgets Face Revenue Shifts
Municipalities and counties across Florida must adjust their upcoming fiscal budgets to absorb the revenue shifts without compromising essential public services.
California Approves Housing Finance Package
California voters took a different approach by approving a massive housing finance package. The electorate authorized up to $25 billion in funding for second mortgages designed to cover up to 17 percent of the purchase price for a new home.
The program targets middle-income, working-class home buyers to ease entry into the housing market. Voters authorized the state to issue $11,250,000,000 in bonds to finance affordable housing developments, mortgage loans for veterans, and housing for agricultural workers.
Billionaires’ Tax and Colorado Immigration Measure Rejected
California voters rejected Proposition 40, a proposed 5 percent emergency tax on fortunes exceeding $1,000,000,000. Proponents intended for 90 percent of the revenue to fund public health programs, but voters rejected the measure amid concerns over economic assumptions.
In Colorado, 55 percent of voters defeated Amendment 81, which would have required local law enforcement agencies to notify federal immigration authorities regarding certain arrests. The defeat leaves existing local notification policies unchanged.