Amendment 3 takes $946M from Miami-Dade. CRA leverage goes first.

Florida’s Revenue Estimating Conference adopted its final numbers on Amendment 3 on July 10, and the local detail matters more to developers than the statewide headline does. All local taxing authorities in Miami-Dade County lose $945.7 million in fiscal 2028-29 under the adopted table, and Broward loses $968.5 million, against a statewide cash impact of $8.71 billion that year. The November ballot measure replaces the second homestead exemption with $150,000 in 2027 and $250,000 in 2028 on non-school levies, and cuts the assessment growth cap on non-homestead property from 10 percent to 5 percent.

Why it matters

Every public-side lever a South Florida developer negotiates with runs on non-school ad valorem revenue. Tax increment financing is calculated on taxable value inside a CRA district, not market value, so a bigger homestead exemption comes off the increment before a redevelopment agency sees a dollar. Impact fee waivers, land donations and gap financing all draw on general funds now facing a decade of step-downs.

We have documented what that leverage looks like this month: Pompano Beach donating a lot valued at $152,420 with a forgivable $150,000 loan, Delray Beach’s open CRA infill RFP, Boynton Beach compressing a 15-year, $7 million incentive to under three years for Affiliated Development’s Pierce. Those deals are paid from the line the conference is projecting down.

The numbers

Read the table by layer, not by county. Miami-Dade’s county government, which the conference notes already includes its dependent special districts, absorbs $643.5 million in 2028-29 against Broward’s $413.2 million. Broward’s all-local total is still the larger of the two, because more of its levy sits in cities and independent districts. The City of Miami’s own line is $72.3 million in 2028-29, rising to $124.4 million by 2031-32. Statewide, the recurring annual impact settles at $11.83 billion. The June 12 version of this analysis is marked superseded, so anyone underwriting off the earlier run is using the wrong table.

What’s next

If Amendment 3 passes, discount CRA-backed and waiver-dependent capital beginning with 2027 budgets, and get incentive agreements executed and funded against the 2026 roll rather than a future one. Boynton already pulled a payout forward against a ballot clock. Expect more of that. More Miami coverage.