Meiner says Amendment 3 could slow Miami Beach's tax base growth by up to $15 million a year
The mayor says the city planned early for the larger homestead exemption voters approved Tuesday and will keep services intact. His post doesn't say how the figure was calculated.
Mayor Steven Meiner said Friday that the city estimates Amendment 3, the property tax measure Florida voters approved Tuesday, could slow the growth of Miami Beach’s property tax base by up to $15 million a year.
The figure comes from the mayor’s post on Instagram, which Red Sidewalks has not independently verified. The post does not say how the estimate was calculated.
According to the mayor’s post, the amendment raises the homestead exemption from $50,000 to $150,000 in 2027 and to $250,000 starting in 2028, and cuts the yearly cap on assessment increases for non-homestead property from 10% to 5%. Meiner wrote that the city is financially strong, “planned early” and will keep delivering services residents expect.
City staff had flagged the amendment before the vote. An administration memo to the Finance and Economic Resiliency Committee for its Oct. 28 meeting, on whether to bring back a mounted police unit, recommended waiting until the fiscal 2028 budget for any funding, citing a projected General Fund deficit that year and the amendment’s likely effect on property taxes, which supply 60% of the General Fund. Amendment 3 passed statewide, according to projections reported by CBS Miami.
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