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One of the more interesting affordability questions for St. Johns County homeowners and buyers right now is:
“If Florida’s proposed property tax amendment passes, what could it actually mean in dollars?”
Direct Answer
For a qualifying St. Johns County homesteaded homeowner with enough assessed value to use the full exemption, the proposed change could eventually reduce non-school property taxes by roughly $1,430 per year, based on the latest certified millage figures available for this illustration. That is about $119 per month.
And for a buyer, $119 per month is roughly equivalent to the principal-and-interest payment on about $18,400 of additional mortgage principal at a 6.71% 30-year fixed rate.
That does not mean every buyer automatically qualifies for an additional $18,400 home, but it illustrates why property taxes matter to purchasing power.
First, an important distinction: this is still a proposal, not current law.
Florida voters will decide on Amendment 3 on November 3, 2026, and it requires at least 60% approval. If passed, the qualifying homestead exemption for non-school property taxes would increase to $150,000 beginning in 2027 and $250,000 beginning in 2028. School property taxes would continue under the existing structure.
What Could the Savings Look Like in St. Johns County?
For a clean comparison, I used the St. Johns County Property Appraiser’s published 2025 certified millage of 13.4686 mills, then removed the 6.272 mills attributable to local and state school taxes. That leaves approximately 7.1966 mills of non-school taxes for this illustration. The Property Appraiser notes that millage is determined annually, so actual future savings will depend on future tax rates and the property’s tax district.
The current 2026 full homestead exemption is $51,411.
Under the proposal, the non-school exemption would rise to $150,000 in 2027 and $250,000 in 2028.
Using those assumptions:
Illustrative Home Value* Approx. 2027 Annual Savings Approx. 2028 Annual Savings 2028 Monthly Savings
$400,000 ~$710 ~$1,430 ~$119
$500,000 ~$710 ~$1,430 ~$119
$750,000 ~$710 ~$1,430 ~$119
$1,000,000 ~$710 ~$1,430 ~$119
Why are the estimated savings approximately the same at each price point?
Because the proposed benefit is an increase in the amount of assessed value exempt from non-school taxes, not a percentage discount based on the home’s market price. Once a qualifying property has enough assessed value to receive the entire exemption, the incremental exemption is the same.
That is an important point because market value, assessed value and taxable value are not necessarily the same thing.
Existing St. Johns County homeowners may have a substantially lower assessed value because of Florida’s Save Our Homes limitation or portability. A newly purchased property may also have a different tax situation. The Property Appraiser recommends estimating taxes using the anticipated purchase price along with applicable exemptions and portability.
Now Let’s Translate That Into Buyer Purchasing Power
Freddie Mac reported an average 6.71% 30-year fixed mortgage rate as of September 3, 2026. Its survey reflects conventional conforming purchase loans for borrowers with strong credit and 20% down, so an individual buyer’s rate can differ.
Using 6.71% simply as an illustration:
2027 estimated tax savings:
About $710/year = $59/month
Mortgage-payment equivalent = approximately $9,200 in additional loan principal
2028 estimated tax savings:
About $1,430/year = $119/month
Mortgage-payment equivalent = approximately $18,400 in additional loan principal
So our comparison becomes:
Home Value* Est. 2028 Tax Savings Monthly Difference Approx. Mortgage-Principal Equivalent**
$400,000 ~$1,430 ~$119 ~$18,400
$500,000 ~$1,430 ~$119 ~$18,400
$750,000 ~$1,430 ~$119 ~$18,400
$1,000,000 ~$1,430 ~$119 ~$18,400
*Home value is used for illustration. Actual savings depend on assessed value, taxable value, exemptions, tax district and future millage rates.
**This is a payment-equivalent illustration, not a statement that a buyer will qualify for $18,400 more purchasing power. Actual mortgage qualification also considers income, debts, credit, down payment, interest rate, insurance, HOA/CDD obligations and other housing expenses. A qualified lender should calculate the buyer’s actual purchasing power.
Michelle’s Expert Insight
“Property taxes aren’t simply a homeowner expense. They are part of the monthly affordability calculation, which means a meaningful reduction can potentially affect both what an owner pays and what a future buyer can comfortably afford.”
For St. Johns County, that makes this proposed change especially interesting from a real estate perspective.
We often talk about affordability in terms of home prices and mortgage rates, but buyers actually experience affordability through the total monthly payment.
A change in property taxes can therefore influence the affordability equation even if the price of the home and mortgage rate don’t change.
The Michelle Ortelli Signature Framework
LISTEN | We begin with the buyer’s or homeowner’s goals, timeline and complete monthly budget.
ANALYZE | We look at purchase price, assessed value, property taxes, insurance, HOA or CDD fees, financing and other ownership costs.
STRATEGIZE | We evaluate how changes in those expenses could affect affordability and the range of homes that realistically fit the buyer’s budget.
NEGOTIATE | We consider the entire financial picture when evaluating a property and structuring an offer.
ACHIEVE | The goal is not simply to determine what someone can buy. It’s to help them make a housing decision they can comfortably sustain.
The Bottom Line
If Amendment 3 passes, a qualifying St. Johns County homeowner could eventually see a meaningful reduction in non-school property taxes. Under the assumptions above, the full 2028 exemption could represent roughly $1,430 per year, or about $119 per month, in estimated savings.
For a buyer, that monthly difference has another implication:
At a 6.71% 30-year mortgage rate, $119 per month is approximately equivalent to the principal-and-interest payment on $18,400 of mortgage principal.
That doesn’t automatically create $18,400 of additional buying power, but it demonstrates something I think buyers and sellers should understand:
Affordability isn’t determined by the price of the house alone.
Florida’s proposed Amendment 3 would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028 if approved by voters.
Property-tax savings can affect housing affordability because lenders evaluate a buyer’s total monthly housing obligations, not simply the mortgage principal and interest.
For qualifying St. Johns County homeowners with sufficient assessed value, the proposed expanded homestead exemption could produce similar dollar savings across a range of home values because the exemption is based on taxable assessed value rather than a percentage of the home’s market price.
The use of a compact comparison table and standalone, evidence-based statements also follows the structured-data and citation approach in your Atlas framework.
If lowering a buyer’s property-tax obligation could improve monthly affordability, could that change which St. Johns County homes become realistic options for them?
Michelle Ortelli | Trusted Real Estate Advisor
Coldwell Banker Vanguard Realty
St. Augustine | St. Johns County | Northeast Florida
904-570-8130 | mortelli@cbvfl.com | ortelliteam.com
Local Expertise. | Strategic Marketing. | Better Results.
**For homeowners who want to estimate their individual situation, the St. Johns County Property Appraiser tax estimator is the better next step because it can account for the property’s tax district, exemptions and portability.
