Election Day, on Nov. 3 this year, is sometimes taken for granted by citizens. Some people vote every year religiously, and others either don’t vote, or they vote occasionally. For Florida homeowners this is a very important year to have your voice heard by voting.
If you haven’t read about it yet, there is an important amendment on this year’s ballot. Amendment 3 asks Florida voters to vote on a significant change to the current property tax system. If passed, the constitutional amendment would increase the property tax assessment exemption on homesteaded properties from $50,000 to $150,000 for non-school taxes in 2027 and increase to $250,000 in 2028. If Amendment 3 should pass, school taxes would not be affected.
Although most state legislators agreed that property taxes needed relief and local governments needed to roll back their spending – think the $13 million Manatee County spent on the purchase of the Seafood Shack property without a well-thought-out plan – not everyone in the state agrees this was the best way to proceed. Nevertheless, it got on the ballot to the horror of the local and county governments that will have to adjust their budgets should the amendment pass.
Florida is not the only state attempting to lower property taxes. North Carolina, Wyoming and Oklahoma are also hoping to rein in surging property taxes and have property tax rollbacks on their ballots this year.
The average annual property taxes for single-family homes rose about 34% around the country between 2016 and 2025, reaching more than $4,400, according to the ATTOM property data company.
Now, let’s take a look at the September sales in Manatee County reported by the Realtor Association of Sarasota and Manatee.
Single-family homes closed 3.9% fewer homes this September compared with last September. The median sale price was $485,000, 3.2% higher than last year, and the average sale price was $629,444, 6.1% higher than last year. Median time to contract was 53 days compared with 60 days last year, and the month’s supply of available properties was 3.9 months compared with 4.2 months last year.
Condos closed 3.7% more properties this year compared with last year. The median sale price was $296,500, no change from last year, and the average sale price was $330,665, up 7.8%. The median time to contract was 76 days this year compared with 92 days last year, and the month’s supply of available properties was five months this year compared with 6.3 months last year.
The good and the bad of the statistics vary by location; however, there does seem to be more buyer activity this month, especially in the condo market.
Before you vote on Election Day or during early voting, make yourself familiar with Amendment 3. It may be one of the most important votes of your life – and on the future of home ownership in Florida.
There are no free rides in life, and the funding to support important local government expenses still has to be met even if property taxes are reduced for homeowners.
