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If passed, proposed Florida constitutional amendment three would significantly reduce Floridians' property tax burdens by increasing what's known as the homestead exemption, or the amount of property value exempt from being taxed. Property taxes are a massive source of general revenue for small municipalities that don't have much commercial activity, and have low property values. For them, the passage of amendment 3 would mean a dire lack of funding for public services, and the potential shutting of city hall doors.