{
  "id": 18277476,
  "title": "Ken Griffin and Jeff Bezos helped make Miami a billionaire magnet—but Florida’s new $250,000 homestead exemption barely makes a dent for them",
  "url": "https://urgent.news/2026/11/05/ken-griffin-and-jeff-bezos-helped-make-miami-a-billionaire-magnet-but",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T08:03:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/11/05/florida-amendment-3-property-tax-system-doesnt-make-a-dent-for-billionaires-ultrawealthy/"
  },
  "original_language": "en",
  "account": "Amendment 3, a major overhaul of Florida's property tax system, passed with 62% of the vote, according to the Associated Press. Supporters claimed it would benefit everyday homeowners, but its impact on the wealthy is minimal. Billionaires like Ken Griffin and Jeff Bezos, who have moved to Miami, will not see significant savings from the expanded homestead exemption. The exemption, which increases from $50,000 to $250,000 in 2028, will only save a homestead owner around $2,085 annually. Real estate experts argue that the relief is mainly middle-class, benefiting those who own multiple properties. Wealthy buyers are primarily attracted to Miami for its tax-free status, lifestyle, and business climate rather than the tax savings. Local governments, however, will face a $11.86 billion annual loss due to the amendment and will struggle to cover the shortfall without new state funding.",
  "summary": "A middle-class homeowner and the owner of a $50 million mansion could save about the same $2,000 a year under Florida’s new property tax cut. Only one of them will notice.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}