This exemption allows homeowners to deduct up to $50,000 of their home’s assessed value, which reduces their annual property taxes. The proposed Amendment 3, officially known as the Homestead Tax Exemptions, Property Assessments, and Spending Restrictions Amendment, does not eliminate all property taxes, but it does substantially reduce them. A small tax increase is still a tax increase. The state can reduce property taxes, but those reductions would require trade-offs, such as raising other taxes or reducing government services to Floridians. The question is not whether these trade-offs exist, but whether they are acceptable in exchange for lower property taxes.