SARASOTA- Voters heading to the polls on November 6th will find 12 state constitutional amendments on your ballot. As we head into Election Day we’re going to take a closer look at the issues voters will be deciding on.
The first amendment you’ll find on you ballot is the “Increased Homestead Property Tax Exemption.” It does what the name suggests, increasing the exemption by $25,000 dollars.
“If you’re assessment is at least $125,000 dollars than $75,000 of that would be not subject to all taxes except for school taxes,” John Chapman said. “Which the exemption would not apply to school taxes.”
Business Litigation Attorney John Chapman says it’s not clear how much the average homeowner would save, and it might not save anybody anything because it’s not an official reduction in taxes. Chapman says taxing bodies like counties will need to look elsewhere for revenue.
“The county is going to set their budget,” Chapman said. “Or the school board is going to set their budget irrespective of what these homestead exemptions are. So, usually it winds up somebody else is going to pick up the tab.”
If the amendment does pass, New College of Florida Political Science Professor Frank Alcock says it could mean big revenue losses for local governments across Florida.
“Statewide the lost revenue would be it’s estimated by the Revenue Estimation commission about $750 million dollars,” Professor Frank Alcock said. “Probably here in Sarasota County it’s about $20 million dollars. So real estate association in favor, Association of Counties, League of Cities is against it because of the lost revenue.”
Amendment Two is limitations on Property Tax Assessments, this amendment keeps a current limit on property tax hikes on the books and if it passes property owners won’t see any changes.
“The maximum amount a property can increase in value in one year is 10%,” Chapman said. “And under the terms of that it was to sunset in 2019 I believe, so this is basically just going to keep that going.”
If it doesn’t pass, some properties could see tax bills jump. SNN will continue to bring you more on the rest of the amendments as we head toward Election Day. If you want to take a look at your ballot you can get a sample ballot online:
Manatee County: https://www.votemanatee.com/Election-Information/Sample-Ballots
Sarasota County: https://www.sarasotavotes.com/precinctfinder.aspx
Charlotte County: https://www.charlottevotes.com/Portals/Charlotte/State%20Senate%20District%2026%20Sample%20Ballot.pdf