Florida Realtors deposited $10 million into a campaign committee backing Amendment 3, the property tax measure Dunedin officials say would cost the city $7.6 million a year.

Campaign finance reports posted Monday show the trade group contributed the money to "Vote Yes on 3," a political committee it set up to fund television ads, canvassers and other campaign expenses, Florida Politics reported. No opposition committee has raised anywhere near that amount.

The Realtors' board voted Aug. 23 to endorse the amendment, calling it an opportunity for "meaningful property tax relief," according to HousingWire.

The contribution is the first major cash infusion for the amendment, which Gov. Ron DeSantis and the Legislature placed on the Nov. 3 ballot during a 27-hour special session in June. It needs 60% voter support to pass.

A Monday analysis by journalist Jason Garcia argued the tax cuts could drive up home prices, benefiting the same real estate agents whose trade group is bankrolling the campaign, WMNF reported.

Amendment would cost Dunedin millions annually

Finance Director Les Tyler told the City Commission on Aug. 11 that Amendment 3 would cost Dunedin $4,755,710 in its first year and $7,634,410 every year after, as we reported at the time. The amendment's first phase, a $150,000 homestead exemption, would take effect in fiscal 2028 and cost the city an estimated $3.7 million in ad valorem revenue. The exemption rises to $250,000 in fiscal 2029, pushing the annual loss to about $6.1 million.

Additional losses would come from the Pinellas County Library Cooperative, county fire protection revenue and county EMS paramedic reimbursements.

At that same Aug. 11 meeting, Mayor Maureen "Moe" Freaney warned that the city's $3 million contingency plan covers only the first phase.

"Because in the other years we are going to have to cut another $4.6 million," Freaney said. "In fact, the $4.6 million is going to be way more gut-wrenching than this is."

The city has not raised its millage rate since 2016, according to a June 4 op-ed Freaney published on dunedin.gov.

Using the countywide average non-school tax rate, the Pinellas County Property Appraiser's Office estimates a qualifying homeowner could save about $1,200 in 2027 and $2,400 in 2028 if the amendment passes, WUSF reported.

Amendment threatens billions in statewide revenue

Statewide, Amendment 3 would wipe out more than $12 billion a year in local government property tax revenue. That is nearly a quarter of all local collections. Florida TaxWatch, a nonpartisan watchdog, estimates cumulative losses near $45.8 billion over five years and has recommended voters defeat the measure.

A University of North Florida poll in July found support dropped from 61% to 45% after voters learned about the budget impact.

The Pinellas Suncoast Transit Authority (PSTA) projects losing about $15 million in property tax revenue in fiscal 2028 if the amendment passes, growing to $22 million the next year. PSTA officials warned that Jolly Trolley services in Clearwater, Dunedin and Tarpon Springs could end.

Opposition includes the Florida Sheriffs Association, Florida Professional Firefighters, Florida League of Cities and the Florida Association of Counties.

Public forums planned before the November vote

Dunedin will host a Property Tax Town Hall on Tuesday at the Hale Senior Activity Center at 6 p.m. Panelists include former state Sen. Jeff Brandes, Pinellas County Sheriff Bob Gualtieri and Mayor Freaney. A second town hall is set for Oct. 6. Residents can email questions to [email protected] through Thursday.