- Florida homeowners and commercial landlords will see major property tax reductions after voters approved Amendment 3 by clearing the required 60% supermajority threshold at the ballot box on Tuesday.

Why you should care: Florida voters cleared the 60% majority requirement to pass Amendment 3, resulting in an overhaul of the state constitution's tax structure.

The measure expands exemptions for primary residences while cutting allowable yearly assessment increases on business sites, second homes and rental properties in half.