By: Capitol News Service
May 15, 2018
TALLAHASSEE, Fla. (CNS) -- A new report says a constitutional amendment slated for the November ballot could save Florida taxpayers $700 million each year if approved.
Amendment 2 would make permanent a 10 percent-cap on annual non-homestead property tax increases that was implemented by a constitutional amendment in 2008.
The current cap is set to expire at the start of next year.
While the exemption doesn't directly benefit homeowners, its repeal could impact living costs for renters and seniors on a fixed income, according to the report.
"You know a recession is when your neighbor's out of a job, a depression is when you're out of a job, and so you say, well 'what is going to affect me?' Well, if it's affecting someone and it's on a fixed income, it affects them pretty bad,” said Florida TaxWatch President, Dominic M. Calabro. "So people will go, 'oh don't worry it's only an extra $10 a month.' For some people, that's very hard."
Prior to the 2008 amendment's passage, non-homestead properties were subject to massive tax hikes. In 2006, 30 percent of non-homestead properties saw a property tax increase of 80 percent over the previous year.