Realtors gave $21.5 million to pass Amendment 3. One Gainesville firm got 98 cents of each dollar spent

Where the yes campaign's money went

Florida Realtors, the state's real estate trade group, and the National Association of Realtors gave $21.5 million to pass Tuesday's property tax amendment, state records show. Amendment 3 would cut local property taxes on Florida homes, and it needs 60% of the vote. About 98% of the campaign's spending went to SGS, the records show. They list the purpose of nearly every SGS payment only as "AMENDMENT 3."

Why it matters: Amendment 3 would raise the homestead exemption, the part of a primary home's value that is not taxed, for local taxes other than school taxes. It would rise to $150,000 in 2027 and $250,000 in 2028, Florida Realtors and NBC6 say. State economists estimate it would reduce revenue by $5 billion in its first year, the Florida Phoenix news site reports.

The story so far: Since Sept. 3, the two Realtor groups have given about $21.5 million to Vote Yes on 3, the campaign Florida Realtors launched, state records show. On Oct. 17, Orlando Weekly reported that nearly all of its spending through Oct. 9 went to SGS Inc., a Gainesville vendor. The three no committees have raised about $1.8 million, state records show. Comparing the money each side raised, the yes side has raised about 12 times as much, by our arithmetic.

What's new: Since Oct. 9, the committee has reported nine more payments totaling about $6.6 million, state records show. Seven went to SGS. One went to a new vendor, National Victory Strategies of Miami, and one to The Factor, also of Miami. Spending is now about $21.1 million, with about $404,000 unspent, by our arithmetic.

What's next: Floridians vote Tuesday, Nov. 3, and polls are open from 7 a.m. to 7 p.m.

The yes side's ledger

Florida Realtors, the state's Realtor trade group, based in Orlando, wrote seven checks from Sept. 3 to Sept. 30 that total $19.5 million, state records show. The National Association of Realtors, based in Chicago, added $2,016,500 on Oct. 9. With $10 of bank interest, the committee's receipts total $21,516,510. The records show no receipt after Oct. 9, as read Nov. 1.

Through Oct. 9, the committee reported 14 payments totaling $14,465,117. Ten of them, totaling $14,213,745, went to SGS Inc., about 98.3%, by our arithmetic. Orlando Weekly reported the same two figures on Oct. 17. The other payments were $250,000 to The Factor of Miami on Oct. 7, $1,200 in legal fees to Mitchell Law of Thomasville, Ga., $82 for supplies to Florida Realtors and $90 in bank fees.

After Oct. 9, the committee reported nine more payments totaling $6,646,963. Seven went to SGS from Oct. 13 to Oct. 28, totaling $6,473,495; the largest was $3,215,510 on Oct. 14. The Factor got $19,500 on Oct. 14, and National Victory Strategies, a new vendor on Southwest Eighth Street in Miami, got $153,968 on Oct. 16. Each of those nine rows gives its purpose only as "AMENDMENT 3." The records do not say what National Victory Strategies does.

Through the newest row, dated Oct. 28, the committee had spent $21,112,080 of the $21,516,510 it raised, leaving $404,431, by our arithmetic. SGS has received $20,687,240 in 17 payments, about 98.0% of the spending. The Factor has received $269,500 in two payments.

Who SGS is

SGS Inc. is "owned by longtime GOP operative Patrick Bainter," Orlando Weekly reports. The paper says the company shares an address on Northwest 132nd Street in Gainesville with Data Targeting, another of Bainter's companies. "Since it's a private institution, it's unclear exactly how it's spending the money," Orlando Weekly wrote.

Orlando Weekly says Creative Loafing Tampa Bay, which first published its piece, sent Bainter and Florida Realtors a detailed list of questions. No response appears in the piece. The state records list nearly all of SGS's payments only by amount, date and the purpose "AMENDMENT 3."

The no side

Three committees oppose the measure. Floridians for Shared Prosperity raised $923,986 in 144 contributions through Oct. 29, state records show. Its largest donor is the Hopewell Fund, at $434,150, including $302,100 on Oct. 19; Scott Barancik gave $200,000. It spent $791,436 in 61 payments, by our sums.

That spending includes $260,000 to Evergreen Strategies for digital ads on Oct. 21 and Oct. 28, and $177,930 to Street Smartz Consulting for mailers, yard signs and consulting. It also includes donations of $155,000 to the Consumer Rights Action Fund on Oct. 23 and $80,000 to the Education Defense Fund PC on Oct. 20. So not all of its spending is Amendment 3 advertising.

Vote No on 3 Florida raised $512,931 in 79 contributions through Oct. 22, by our sums. Its donors include Stop Unfair Tax Shifts Today at $280,000, the Florida Association of Special Districts at $100,000 and the Children's Funding Accelerator at $50,000. It spent $507,516 in 43 payments through Oct. 27, including $50,000 to Whitson Digital Strategies for digital ads on Oct. 26.

No On 3. Protect Our Homes raised $336,000 in seven checks through Oct. 28, mostly $310,000 from Our Democracy, plus $25,000 from Joseph Badia on Oct. 13. It spent $317,496 in 34 payments, including two payments of $65,152 to MDW Communications for direct mail consulting, on Oct. 9 and Oct. 20. Miami-Dade Mayor Daniella Levine Cava formed the committee, CubaHeadlines reported Oct. 10.

Together, the three no committees raised $1,772,917 and spent $1,616,449 through their newest rows, dated Oct. 22 to Oct. 29, by our arithmetic. The yes side raised about 12 times as much and spent about 13 times as much.

What the amendment does

Amendment 3 would raise the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, Florida Realtors and NBC6 South Florida report. It would also cut the yearly cap on assessment increases for non-homestead property, such as second homes and rentals, from 10% to 5%. The most a homestead exemption can be in 2026 is $51,411, NBC6 reports.

State economists estimate the measure would reduce revenue by $5 billion in its first year and by as much as $12 billion a year when fully in place, the Florida Phoenix reports. Opponents fear it would significantly reduce tax revenue for local governments, the Phoenix says.

A St. Pete Polls survey released Oct. 28 found 44% support, 39% opposed and 17% unsure, the Phoenix reports. A University of North Florida poll released the week before found 50% support. Both are short of the 60% the measure needs. Gov. Ron DeSantis backed it in Crystal River on Oct. 28 and at a roundtable with U.S. Sen. Ashley Moody on Oct. 26, though not in any campaign ads, the Phoenix reports.

Their side

Florida Realtors' 2026 president, Chuck Bonfiglio Jr., said when the group launched the campaign on Sept. 9: "Affordability is on the forefront for every Floridian, and they need meaningful relief." He added: "We also need to make sure families can afford to keep the homes they worked so hard to purchase." He called the measure "an opportunity to provide meaningful relief now, while continuing the broader conversation around property taxes."

In an Aug. 23 statement, the group said: "Florida Realtors supports Amendment 3 because it offers voters an opportunity to provide meaningful property tax relief."

On the other side, Levine Cava warned that the amendment threatens public safety, emergency response and services like roads, parks and libraries, CubaHeadlines reported.

Sources we read

Florida Division of Elections, contributions and expenditures for Vote Yes on 3, Floridians for Shared Prosperity, Vote No on 3 Florida and No On 3. Protect Our Homes, read Nov. 1. Orlando Weekly, Oct. 17, by Colin Wolf, first published by Creative Loafing Tampa Bay. Florida Phoenix via WLRN, Oct. 29, by Mitch Perry. Florida Realtors, Sept. 9 release. NBC6 South Florida, Oct. 15, updated Oct. 18. CubaHeadlines, Oct. 10. Florida Department of State, election dates. Florida Statutes section 100.011.