Davidson Realty, Inc.

Amendment 2 keeps important limit on certain property taxes

August 7, 2018

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Posted by in News, Northeast Florida Market Trends

This November’s ballot will include a crucial amendment that affects every Floridian. Amendment 2 will make permanent a 10% cap on annual tax increases for properties that don’t fall under the homestead exemption, which includes businesses, rentals, non-primary homes and vacant land.

 

The amendment has strong bipartisan support from the Florida Senate and House of Representatives.

 

If it fails, however, millions of Floridians will experience skyrocketing property taxes. So, who exactly is affected?

 

Owners of non-homestead properties –The amendment protects these residents from higher property taxes on non-homestead properties like rental homes and small businesses.

 

Renters – It protects renters from rent increases that result from higher taxes being passed on to them by landlords.

 

Everyone –It ensures our state stays an affordable place to live by preventing excessive property tax increases that can push residents away.

 

Amendment 2 does not include a tax cut, so funding for schools and emergency services will not be impacted. Also, properties with homestead exemptions (like primary homes, those that homeowners live in), will not be impacted.

 

The cap is already in place so nothing will change if it passes. It was approved by Florida voters in 2008, but will expire in 2019 unless voters cast a YES in November to make the cap permanent.

 

Any amendment requires 60% of the vote to pass, so it is vital to spread the word about Amendment 2, which will appear on an already crowded ballot with 12 other amendments (in addition to races for U.S. Senate, governor, cabinet and local elections).

 

On November 6, head to the polls and vote YES ON AMENDMENT 2! Visit EverybodyIsFor2.com for more information.

 

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