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Politics

Amendment 1: Increased Homestead Property Tax Exemption

October 2, 2018 - 6:00am

Ballot Language: Proposing an amendment to the State Constitution to increase the homestead exemption by exempting the assessed valuation of homestead property greater than $100,000 and up to $125,000 for all levies other than school district levies. The amendment shall take effect January 1, 2019.

How The Amendment Reached The Ballot: Florida State Legislature

What Your Vote Means: A Yes vote on this measure: exempts home values between $100,000 through $125,000 from property taxes—other than school taxes—which increases the maximum homestead exemption to $75,000.

A No vote on this measure: keeps the current homestead exemption structure and retains the $50,000 exemption rather than raising it to $75,000.

Pro: Simply put, a Yes vote on Amendment 1 lowers taxes and puts more money back in the pockets of Floridians. The average homeowner would see $230 in annual property tax savings. An analysis projects the cumulative tax reduction across the state at approximately $645 million. Any act that allows taxpayers to keep more of their money will, in turn, put that money into the private market and create economic activity. The increase in the homestead property tax exemption also limits the role of local government by providing more restraint on their ability to generate additional revenue – local officials would have to raise millage rates. Local leaders would need to exhibit greater fiscal responsibility if Amendment 1 were to pass. If this measure passes, taxpayers should feel that their money is being spent with accountability and restraint. Finally, it should also be noted that, to benefit from the measure, your home needs to exceed $125,000 in value and public schools are exempt from the tax cut.

Con: To give money back to the taxpayers, local leaders must adjust to a lower revenue stream. Opponents argue that property taxes act as the main source of revenue for local governments that need the funds to provide necessary public services. Aside from the funding issue embedded in tax breaks, opponents claim that Amendment 1 is misleading. Rather than the homestead exemption applying to all homeowners, the measure would benefit half of the homeowners across the state. However, this argument only matters if you view taxes as a taxpayer versus taxpayer dynamic. Ultimately, the amendment cuts taxes for Floridians. Lastly, some opponents believe that tax policy should not be executed through a constitutional referendum.

 

This amendment is reprinted with permission from the James Madison Institute's 2018 Florida Constitutional Amendment Guide Click below to read more from our site!

 

Comments

Under Amendment 1, as an example if your house is valued at 140,000 dollars, the first 25,000 dollars is totally exempt, the next 25,000 dollars is exempt except for school tax, And the 25,000 dollars between 100,000 and 125,000 dollars (except school tax) is exempt. This will help those of Course, that have houses assessed over 100,000 dollars at the expense of those whose houses are assessed from 50,000,to 100,000 dollars The actual wording and more info can be seen at ballotpedia.org There may be enough people that benefit from this and vote for it but It is totally non-progressive and unfair, because as numerous people have pointed out, local gov'ts will raise millage rates or cut services further Vote NO

Remember this is the assessed value. My $250,000 home has a $86,000 assessed value so I will not gain from this. You'll probably need a $300K+ market value home to save in taxes by voting yes.

I will vote YES on amendment 1 Enough of taxes!

As usual the people who need it the most get the shaft many own properties under $125,000. They are the ones who are going to end up paying for tax breaks that will not help them. Totally unfair.

It’s very rare to see a property in Cape Coral under the value of $125,000

Remember this is the assessed value. My $250,000 home has a $86,000 assessed value. So your home should probably have a $300K+ market value to benefit from this.

It will only take a few years before your home is accessed for over $100,000. Vote yes.

You have it backwards. Tricky language that tries to fool voters into giving a small group of low-value homeowners a tax break. Only those with home values between $100K and $125K get this tax break. They get a tax break that homeowners OVER $125K do not. Vote NO if you think everyone should get an exemption increase.

Look at the PROs section of the measure and rethink your position: "Finally, it should also be noted that, to benefit from the measure, your home needs to *exceed* $125,000 in value and public schools are exempt from the tax cut."

"Local leaders would need to exhibit greater fiscal responsibility if Amendment 1 were to pass. If this measure passes, taxpayers should feel that their money is being spent with accountability and restraint." I have yet to see Local Leaders exhibit greater fiscal responsibility, be accountable or restrain from spending. I do have a house over $125,000 but feel that it will hurt more than it will help. It isn't the raising of taxes that is our problem, it is the politicians who are focused on their own agendas and not the needs of the people. We need people in office who will put the people of Florida first.

I will vote NO. Homesteaded property valued at $125,000 or higher will benefit from this. If your homesteaded property is valued under $100,000 you do not benefit. The county governments will have to raise revenue someplace else or decrease services.

Let's not forget that rising prices have increased property values and taxes significantly. My bill went up quite a bit. There does not appear to be any end to this in sight. I am, of course voting yes for less taxes...

If the additional exemption of $25,000 being proposed applies ONLY to properties assessed from $100,000 to $125,000 ... then it's a dumb proposal and benefits only a select group. (And like ALL Republican 'tax cuts' ... in the end, somebody's gonna get it up the butt in order to pay for it!)

You obviously do not understand how progressive tax schemes work. Yes, it is only for homeowners with homes between $100,000 and $125,000. I am sure the Democrats embrace such an amendment. Vote NO since it does not benefit everyone.

Although, I'm voting Yes on Amendment One, here in Palm Coast, I understand and agree with many home owners that money for programs will have to come from somewhere else. These problems are the result of Trump's tax bill and Scott's Republican Legislature that reduced taxes on the rich and corporations that have failed to pay their fair share of doing business in Florida, profiting richly at our expense.

Here here!!

Rich get richer - Poor get poorer - Bad idea!

Your Pro statement "Simply put, a Yes vote on Amendment 1 lowers taxes and puts more money back in the pockets of Floridians." is misleading in that only the people with home values of greater than $125,000 will benefit. Not like many in our state small towns and rural areas will benefit. Local county revenues statewide will be cut by about $645 million causing program cuts or increased taxes and fees on the people that don't get the exemption. BAD IDEA!

I live in a small, poor town. Amendment One will hurt us terribly. We already have many properties that receive the benefit of services, but pay no tax. This will make the problem worse. The county already is strapped, and can't pay for its share if services. We are supposed to be paying for local services with local money. Some people pay NO tax. WHY do they get a free ride?

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