The Brief Florida Amendment 3 property taxes could lower rates for homeowners, but Polk County town leaders fear massive budget shortfalls for essential services. Fort Meade and Dundee officials warn the proposed exemption increase would force cuts to libraries while raising utility fees or local taxes. Small-town leaders in Polk County are pushing back against a proposed state amendment that would dramatically raise Florida's homestead exemption, warning the change could cripple municipal budgets. Tax exemption proposal detailsWhat we know:Florida's proposed Amendment 3 would increase the state's homestead exemption for non-school property taxes from $50,000 to $250,000. Fort Meade Mayor Jaret Landon Williams warned that small towns relying on property taxes cannot easily absorb the cuts.