The midterms are done. These three policies change what comes out of your pocket, and each one has a real plan behind it: steps, funding, a date. No plan, it is a wish, not a policy. The fine print is on this page too, because the fine print is where a policy changes.
What it does: It raises the homestead exemption, the part of your home's value the county cannot tax, from $50,000 to $150,000 in January 2027, then to $250,000 in 2028. School taxes do not change.
What it means for your wallet: $100,000 more of your home they cannot tax next year, $200,000 more the year after. It takes effect January 1, 2027. One county's example: Sarasota County estimates a home assessed at $350,000 saves about $538 in the first year and about $1,076 a year once the larger exemption is fully in.
The fine print: If you rent, this one does not cut your tax directly. The cap on yearly assessment increases for rental and commercial property drops from 10 percent to 5 percent, except school taxes, which could slow tax growth on rentals over time. People who are not Florida residents on December 31, 2026 get the existing exemption first, with the larger exemption starting in their fifth year.
The other side of it: The money has to come from somewhere. State economists estimate local governments lose about $4.957 billion in fiscal 2027-28, about $8.776 billion in fiscal 2028-29, and about $11.861 billion a year once it is fully in effect. The amendment has no replacement-revenue plan, so counties will either cut services or raise other taxes and fees. A judge ruled the original ballot language misleading because it guarantees no minimum funding for police, fire rescue, or infrastructure. And the cost can shift: if local governments raise taxes on the property that is still taxable, including rentals, landlords can pass that on to renters.
What it is, plain: This is daycare, someone watching and teaching your kids while you work. A daycare center, a home daycare, or an after-school program. It is not doctor visits, not health insurance, not a pediatrician bill.
What it does: The state caps your part of the daycare bill at $15 a week. The child tax credit rises from $330 a year to $1,000 a year for children under four. Free pre-K for every four-year-old is funded for the 2028 school year.
How the $15 works: Say daycare costs $300 a week. If your family qualifies and gets into the program, the state pays the daycare $285 and you pay $15. That $15 is per family per week, not per child. Some families pay $0, including families on public assistance and families experiencing homelessness.
What it means for your wallet: A family paying $300 a week now pays $15,600 a year. At the $15 cap, that becomes $780 a year. That is $14,820 a year back in your pocket. The state says a participating family can save as much as $20,000 a year, depending on what they pay now.
Who qualifies, read this part: The $15 cap is for families in the state's Child Care Assistance Program, a subsidy program. It is not a cap for every family paying for daycare. The income limit is 85 percent of the state median income, about $116,000 for a family of four, and about $97,854 for a family of three. Kids covered are under 13, or under 18 with special needs. Families apply through their county and must meet program rules, including a work, school, training, or job search reason for care. Once approved, a family stays in for 12 months as long as income stays under the limit. Waiting lists exist in some places, including New York City. The child tax credit comes back at tax time, it is not monthly cash.
The plan behind it: Enacted in the fiscal year 2027 budget, signed May 28, 2026. Funding rises $1.7B, total $4.5B. Up to nearly 100,000 additional children covered.
What it does: It raises Pennsylvania's minimum wage from $7.25 an hour, the federal floor, to $15 an hour for non-tipped workers. Tipped workers would go to $9 an hour. Start date: January 1, 2027, if it passes.
What it means for your wallet: $7.75 more an hour, $310 more a week, $16,120 more a year if you work full time, all year.
The plan behind it, and the catch: The House already passed it twice. The Senate has not taken it up. So it has a plan, a start date, and a House-passed bill, but it is not law yet. Do not let anybody tell you it already happened. The administration estimates it would bring in over $80 million a year in additional state revenue and save over $300 million in state human services spending from lower Medicaid enrollment. Both are estimates, not enacted amounts.
If a promise has none of the three, it is a wish, not a policy.
Texas $1,500 refund: one payment of $1,500 per household, but it still needs the Texas legislature to pass a bill, and the funding number conflicts between sources. Not a done deal, and not monthly money.
California Prop 37: a second mortgage of up to 17 percent of a newly built home's price. That is money you borrow and repay, not savings.
Education only, not financial advice. Sources: Tallahassee Democrat, Nov 3, 2026; Ballotpedia (Florida Amendment 3); Florida Policy Institute and Tax Foundation analyses and the Revenue Estimating Conference (Florida revenue impact); Sarasota County, Sep 18, 2026 (homeowner savings example); WLEA, Governor Hochul 2026 Budget Statement, May 28, 2026; Kiplinger (New York childcare savings); NY Office of Children and Family Services, Child Care Assistance Program updates (eligibility, $15 cap, waiting lists); 90.5 WESA, Sep 25, 2026; Spotlight PA, Oct 14, 2026 (Pennsylvania minimum wage). House control: 81 races still uncalled as of Nov 4 morning. California counting continues, certification due Dec 11.