General Election is Nov. 6, 2018
When Floridians head to the polls in November, they will decide on candidates seeking seats in the U.S. Senate and House, the Florida Senate and House and the state executive branch, among others. They will also vote on 12 proposed constitutional amendments.
Three of the proposed amendments – Amendment 1, Amendment 2 and Amendment 5 – may impact property taxes. The amendments are written by lawyers and contain a lot of information that is not easy to decipher. Political observers say voters could get confused and even vote against their true preferences.
“We know these initiatives are of the highest importance to every citizen,” said President and CEO Christy Budnick, Berkshire Hathaway HomeServices Florida Network Realty. “Constitutional amendments play a pivotal role in the governance of our state. We encourage everyone to review all of the amendments so that you can make an informed decision on Election Day.”
To pass, each amendment must receive at least 60 percent approval by voters. The following are summaries of Amendments 1, 2 and 5, including the impact of a yes or no vote.
Proposed Constitutional Amendment 1 – Increased Homestead Property Tax Exemption. Grants another $25,000 homestead exemption with the exception of school district taxes. Those with homes valued at $125,000 and above would receive the full $25,000 exemption. Those homes valued between $100,000 and $125,000 would receive a pro-rated benefit.
A YES vote on Amendment 1 would allow homeowners to deduct an additional $25,000 from the taxable value of a home worth more than $100,000, starting on Jan. 1, 2019. It would exclude local school taxes from the new exemption. It would likely result in cuts to services or higher local rates to make up for the revenue losses, or possibly both.
A NO vote on Amendment 1 would retain the current homestead tax exemptions, which total $50,000, and have no effect on the amount of tax revenue collected by city and county governments.
Proposed Constitutional Amendment 2 – Limitations on Property Tax Assessments. Makes permanent what is a temporary cap of 10 percent on annual property value increases for vacation homes, apartments and commercial property, effectively limiting increases on tax bills.
A YES vote on Amendment 2 would make permanent the 10 percent limit on increases in tax value for non-homestead property, thus reducing tax bills. It would continue to deny local governments (excluding school districts) tax revenue they would otherwise collect from rising property values.
A NO vote on Amendment 2 would end the practice of limiting tax increases on non-homestead property by limiting property-value increases to 10 percent. It could possibly lead to higher tax bills for non-homestead property, resulting in additional revenue to local governments of about $700 million, according to the state Revenue Estimating Conference.
Proposed Constitutional Amendment 5 – Supermajority Vote Required to Impose, Authorize or Raise State Taxes or Fees. Requires a two-thirds vote of the Legislature to approve any new or increased taxes or fees, rather than a simple majority in a bill containing no other subjects.
A YES vote on Amendment 5 would require a two-thirds vote by the state House and Senate to increase existing taxes and fees or impose new ones. It would require that any new or increased taxes or fees be voted on in stand-alone bills, and would exclude local governments from any supermajority requirements if they choose to raise taxes or fees.
A NO vote on Amendment 5 would allow the Legislature to continue approving increased or new taxes and fees through a simple majority vote, and bundling tax and fee increases with bills that include other measures.
“It is our personal responsibility to weigh each of the amendments objectively before heading to the polls.” said Founder and Chairman Linda Sherrer, Berkshire Hathaway HomeServices Florida Network Realty. “Be informed by reviewing all amendments and then make your voice heard by voting on Nov. 6.”
For more information, visit www.BeReadyToVote.org/Constitutional-Amendments.
Artwork:
- Clip Art
- Proposed Florida Constitutional Amendments
- BHHSFNR logo
Copy of artwork image #2:
Three Proposed Amendments
Proposed Constitutional Amendment 1
Increased Homestead Property Tax Exemption
Proposed Constitutional Amendment 2
Limitations on Property Tax Assessments
Proposed Constitutional Amendment 5
Supermajority Vote Required to Impose, Authorize or Raise State Taxes or Fees
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