It is a regressive tax exemption that would cost Florida
communities hundreds of millions of dollars annually.
Amendment 1 was introduced by the Florida legislature and will appear on the ballot in November of 2018. It will require a 60% “Yes” vote to pass. We urge Floridians to vote “No”.
- Amendment 1 would increase the Homestead Exemption under certain circumstances. The Homestead exemption allows homeowners to reduce the value of their home for most tax assessment purposes. Without this amendment, all homeowners can consider their homes worth $25,000 less when assessing tax burdens, and those with homes worth more than $50,000 can exempt an additional $25,000.
- This new amendment would allow those with homes valued over $100,000 to deduct all the value between $100,000 and $125,000 from their homes when assessing taxes. A chart to demonstrate its effect:
- While Homestead Exemptions do not apply to school taxes, the Florida Association of Counties estimates this will cost Florida cities, counties and special districts $750 million dollars the first year and ballon up to $816 million by year 5. For this cost, they estimate the average beneficiaries (owners of houses worth more than $100,000) would save about $20 a month.
- Even if we don’t take the Florida Association of Counties’ numbers at face value, this will force cities and counties to cut services or raise fees to provide a very meager savings to owners of homes worth more than $100,000. We deem this exemption regressive, and oppose it.