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Amendment 2 would move wealth from communities
to wealthy commercial landowners.
- Amendment 2 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. The Green Party of Florida opposes amendment 2.
- Amendment 2 will make permanent a commercial real estate tax reduction scheme that is scheduled to sunset on Jan 1, 2019.
- In 2008, an amendment was added to the constitution of Florida to cap the rise in property values by 10% per year for non-Homestead properties when assessing non-school taxes. Non-Homestead properties are properties held for mainly commercial reasons: apartment buildings, office buildings, malls, vacant lots, etc. Under this rule, owners of these properties, for determining property taxes, can ignore any increase in the value of their property over the last year of more than 10%. For example, if a company bought an office building for $1 million, and over the course of a year its value went up to $1.5 million, the company would only have to pay (non-school) taxes on $1.1 million of its value (last year’s $1 million assessment plus 10%). If, over the next year the value were to rise to $2 million, the company would only be taxed on $1.21 million. This taxable value cap would be lifted if the property were sold or significantly improved.
- A “Yes” vote on amendment 2 is a vote to keep these caps permanent. The Florida legislature estimates that this amendment would cost Florida counties, cities and special districts $688 million in the 2019-2020 fiscal year alone. This money would be transferred to corporations and wealthy individual commercial landowners while forcing cities to cut, reduce or privatize services and raising fees.
- The Green Party of Florida urges Floridians to vote “No” on amendment 2.