Hillsborough County could lose $367 million a year in property tax revenue if voters approve Amendment 3 in November, according to a county estimate presented to commissioners in June.

For Apollo Beach and Ruskin residents, who depend on county-funded parks, social services and veteran programs in the unincorporated South Shore area, the potential cuts would land directly on their doorstep.

The ballot measure, which would raise Florida's homestead exemption from $50,000 to $250,000 over two years, gained new momentum Sept. 9, when Florida Realtors launched a formal "Yes on 3" campaign. The trade association, which represents 238,000 members statewide, has committed $10 million to the effort, the Sun Sentinel reported.

Florida Realtors CEO Margy Grant made the case for the amendment on WFLA's Battleground Florida podcast.

"To be perfectly frank, our effort right now is to educate the voter," Grant said.

Grant argued the exemption increase would help homeowners keep their homes affordable and hold on to more of their income. She also pointed to the 2023 tort reform as evidence that lawsuit changes have already helped reduce home insurance rates and attract more insurers back to Florida.

Hillsborough County Commissioner Gwen Myers, who represents District 3 and is running for re-election Nov. 3, pushed back on the same podcast. Myers urged voters to reject the amendment, warning that the $367 million revenue gap would force painful cuts to county services.

"It's going to be a menu board of cuts," Myers said. "In Hillsborough County, our cuts include social services, Parks & Recreation, our veteran services — the things that people enjoy the most. They're going to go first because we will not be able to afford to fund those."

Myers said lawmakers should focus on further insurance reform rather than cutting property tax revenue. She argued more regulation is still needed to bring rates down.

The stakes extend well beyond Hillsborough. The amendment would reduce statewide revenue by $12 billion a year, according to Florida's Revenue Estimating Conference, as cited by the Institute on Taxation and Economic Policy. The city of Tampa alone estimates losses between $35 million and $40 million in fiscal year 2028, growing to between $71 million and $74 million by fiscal year 2032, WTSP reported.

Under the amendment, the homestead exemption would rise to $150,000 in 2027 and $250,000 in 2028. The increase would not apply to school district taxes. The measure would also cut the annual assessment-growth cap on non-homestead properties, including rentals and commercial buildings, from 10% to 5%.

Amendment 3 needs 60% approval to pass. It appears on the Nov. 3 general election ballot, where Hillsborough County voters can weigh in alongside races for county commission and other offices.