Monday, October 22, 2018

What You Need to Know: Amendment 2

In 2008 Florida voters overwhelmingly passed a constitutional amendment that limited how much non-homestead property taxes could increase each year. In 2019 this yearly 10% cap will expire; that is, unless Amendment 2 passes on the November 2018 ballot. Amendment 2 is not a tax cut or tax increase, and funding for our schools and emergency services will not be affected. It simply keeps a 10% cap already in place on how much local government can increase certain property taxes every year. 

Amendment 2 has no impact on homestead exemptions. It only affects those property owners who own non-homestead property. Common examples of non-homestead properties include businesses, rental properties, and second homes. 

If Amendment 2 doesn’t pass, non-homestead property taxes could increase unchecked by unlimited amounts every year. This increase in taxes will be passed on to the consumer, and that is not good for Florida business. Local mom-and-pop stores could see their property taxes increase by unlimited amounts every year. Renters could also see their rents increase substantially.  

Finally, Amendment 2 has strong bipartisan support—that rarely happens these days! It limits the tax burden on residents and families, protects renters from rent increase brought on by higher taxes, and ensures that Florida remains an affordable place to live, to work and do business. Keeping property taxes low for businesses and for investors is good for all of us because it helps grow Florida’s economy and brings jobs to our state. 

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