Executives and attendees at the Real Deal Miami Real Estate Forum speak to Fox News Digital about the passage of Florida Amendment 3, which expands homeownership exemptions to primary residences.
On Election Day Tuesday, a majority of Florida voters approved a sweeping property tax cut for homeowners — and the enthusiasm from real estate heavyweights on the ground in Miami was resounding: The Sunshine State has made itself unbeatable.
Gathering at the Real Deal Miami Real Estate Forum just hours after polls closed, developers, top brokers, landlords and out-of-state transplants celebrated the passage of Amendment 3. Ignoring critics’ warnings about cuts to city services, attendees touted the historic property boom as a master class in fiscal discipline that they say will only hasten the national exodus from high-tax states.
“It’s a game of optics. It just shows that Florida continues to pass innovative, progressive legislation that serves its constituents,” the high-flyer said. broker Dina Goldentayer told Fox News Digital. “And while other states are pursuing a completely different agenda, Florida is passing such groundbreaking tax and benefit legislation.”
“I think Florida voters, like all voters, want to pay less taxes, so it made perfect sense for this bill to pass,” said Amir Korangy, founder and publisher of The Real Deal. “I feel like Florida politicians have to do a lot of things right, but they manage to do some things really, really well. And that was one of them… The more we can cut taxes, the more money can put back into the economy.”
WHAT TO KNOW ABOUT THE FLORIDA PROPERTY TAX MEASURE AND HOW IT COULD AFFECT HOMEOWNERS
“We know what Florida real estate has done over the past several years and its continued growth,” added Adam Kaufman of Premier Sotheby’s International Realty, “but any reason to reduce costs and lower them will push buyers further into our market and give sellers the confidence to sell their property for a higher price.”
A home for sale in North Miami, Florida on Wednesday, August 20, 2025. (Getty Images)
Participant and voter Shana Goldwasser was “100%” optimistic about the legislation fueling more population migration: “We’ve been waiting for this forever…and I think everyone will be really excited about this…People are going to move wherever they’re from because of no property taxes.”
Passed by 62 percent of voters, Amendment 3 expands the homestead exemption on primary residences from $50,000 to $150,000 in 2027 and $250,000 in 2028 for nonschool property taxes, protecting up to a quarter of a million dollars of a home’s assessed value from certain local property taxes for eligible homeowners. School property taxes remain in place.
Andres Asion, broker-owner of Miami Real Estate Group, argued that the expanded exemption won’t “change much for buyers and sellers” in the high-end market, emphasizing that an additional $100,000 in savings “won’t move the needle” for someone purchasing a million-dollar property. Instead, Asion emphasized that the real victory lies with retirees on fixed incomes, noting that for 70- and 80-year-old homeowners whose properties are grandfathered to modest values, reducing their tax bills by “25, 30, 50 percent” would have a “big impact.”
Mayi de la Vega, founder and CEO of ONE Sotheby’s International Realty, asserted that Florida was the nation’s top destination after the passage of Amendment 3, saying, “Buyers are excited about this change and I think it’s going to be great for our economy…Florida continues to be unbeatable.” We are the largest state in all of the United States. So I think that’s just going to continue to fuel the fire.
“I think Florida is already unbeatable,” Goldentayer admitted. “I believe it’s going to give another bump to real estate prices. I also think buyers who are hesitant, because there’s this deadline – which I’m still reading the bullet points of the legislation – but I believe they have to establish residency before January 1st. And if not, they have to meet a five-year residency requirement. So anyone who is hesitant who wants to take advantage of that will probably make a purchase before December 31st. And that should be good for my business.”
Canadian entrepreneur and buyer’s move Alex Burns explained how stifling tax structures outside the state — and outside the country — are driving middle-class wealth to Florida, telling Fox News Digital that despite its natural beauty, Canada “has not been the most supportive place” for small businesses or middle-class families.
Under the amendment, individuals who are not residents of Florida as of December 31, 2026 must wait until their fifth year of homeownership eligibility to benefit from the expanded exemption.
Douglas Elliman, Senada Adzem’s director of luxury Florida sales, speaks to Fox News Digital about the increase in Canadian clients hoping to dump their South Florida homes due to the growing perception “that they don’t feel welcome in the United States.”
“Where we come from, the tax situation is pretty high. And what you get for your tax dollars has been pretty limited,” Burns said. “And so, by giving people the opportunity to spend their money in a way that’s different from just paying taxes, I hope it puts more emphasis on developers to be able to provide better street access, better sidewalks, better roads.”
Opponents of Amendment 3 warn that tax cuts could force local governments to cut police, fire and emergency services, with the Florida Policy Institute estimating that local governments could ultimately lose about $12 billion a year in recurring revenue. The Florida Housing Coalition also warned that local governments could increase fees on nonresidential properties, including apartment complexes and single-family rentals, to make up for billions of dollars lost.
“Safety is about safety. There are states that have a lot more taxes and property taxes, and they’re not necessarily safe,” Korangy said. “This state is currently experiencing the largest influx of capital in the last five years… Using that capital in the right way, that will be the big challenge.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Mana Common Founder and Chairman Moishe Mana talks to Fox News Digital about closing a record $1.1 billion deal with Citadel’s Ken Griffin that will transform a working-class neighborhood into a new Carnegie Mellon campus.
“Any time something controversial is passed like this, there’s going to be some good and some bad that comes from it. I think most people would be in favor of scrutinizing budgets, having budget workshops and focusing on uncontrolled budgets on the government side,” said Kevin Venger, co-founder of Group 1000. “I think when it comes to security, Florida has done an incredible job, and that’s the appeal really a lot of people on top of taxes and everything else… This amendment has a lot of opportunity to do a lot of good.”
“People who don’t own farms, it’s not really going to affect them that much, in my opinion, because it’s going to stay the same. And in fact, their cap of 10% of what the property value can go up in assessments, it’s actually going to drop to 5%,” Asion rebutted. “So I think it’s a win-win for everyone involved.”
READ MORE ON FOX BUSINESS
Gn headline
