Amendment 3 could cut Tampa's property tax revenue by nearly $40 million in 2028, city projects

TAMPA - In Tampa, the budget shortfall from the passage of Amendment 3 is projected to reach nearly $40 million in Fiscal Year 2028 and up to $65 million the following year, according to the city's budget projections.

Candidates for the next mayor will be asked what their plan is to cut the existing budget to ensure no tax increase is needed to absorb this loss.

The city's figures come from Mayor Jane Castor's budget message in the recommended Fiscal Year 2027 operating and capital budget, presented to City Council on July 30, 2026. It projects a drop in property taxes of about $35 million to $40 million in the Fiscal Year 2028 budget and about $60 million to $65 million in the Fiscal Year 2029 budget if the amendment's homestead exemption increases take effect.

Amendment 3 raises the minimum homestead exemption from $50,000 to $150,000 for calendar year 2027 and to $250,000 in 2028, and lowers the cap on yearly assessment increases for non-homestead property from 10 percent to 5 percent, according to the city's budget document. The message also says the amendment limits property tax revenue to services in designated “core” categories.

Statewide, the amendment received 4,922,400 yes votes, or 61.98 percent, to 3,019,415 no votes, or 38.02 percent, in unofficial returns posted by the Florida Division of Elections. Constitutional amendments need 60 percent to pass.

The city's budget for the year that began Oct. 1 was built with the amendment in mind, according to the mayor's message: no new positions, more money set aside in General Fund reserves to partly offset the projected losses, General Fund increases limited mainly to inflation, and cuts to the five-year capital improvement plan. The message says that if the amendment passed, the administration would review available funding and recommend adjustments to the current budget to City Council.

Tampa's next municipal election, which includes the mayor's race, is March 2, 2027, according to campaign filing records kept for the Hillsborough County Supervisor of Elections.

Source: City of Tampa Recommended FY2027 Operating and Capital Budget, Mayor's budget message (presented July 30, 2026; opened Nov. 12); Florida Election Watch, 2026 amendment results (unofficial returns, opened Nov. 12); Hillsborough County Supervisor of Elections candidate filings, 2027 City of Tampa Municipal Election (opened Nov. 12).