VOTE YES to Amendment 2 in 2018!! Non-Homestead Property Tax Cap
DO YOU OWN INVESTMENT PROPERTY, SECOND HOME, VACATION HOME IN SOUTH FLORIDA? THEN THIS IS A MUST READ FOR YOU. KNOWLEDGE IS POWER!
What exactly does Amendment 2 do?
In 2008, voters approved a constitutional amendment that limited how much certain property taxes could increase each year. In 2019, that yearly cap will expire – unless Amendment 2 passes on the November, 2018 ballot.
Is Amendment 2 a tax cut?
Amendment 2 is not a tax cut or tax increase. It simply keeps a cap – already in place – on how much local governments can increase certain property taxes every year.
What happens if the cap isn’t renewed?
If Amendment 2 doesn’t pass and the cap isn’t renewed, certain property taxes could increase by unlimited amounts every year. Local mom-and-pop stores could see their property taxes increase by 30%, 50%, or even higher – and that would be devastating. Renters could also see their rents skyrocket as landlords pass the extra taxes on to them. Passing Amendment 2 will protect these groups, and more.
How will Amendment 2 affect me?
If Amendment 2 doesn’t pass, everybody in Florida will be affected. If you own a vacation rental, business, or any property other than your home, you could see your property taxes greatly increase. Even if you don’t own any of these, you would still feel the impact because many businesses would pass their increased costs on to you because their taxes increased. By passing Amendment 2, we can protect all Floridians from dramatic tax increases and the higher prices they bring with them.
Will Amendment 2 affect properties with homestead exemptions?
No, Amendment 2 has no direct impact on homestead exemptions. It only affects those that own non-homestead properties.
What is non-homestead property?
Simply put, non-homestead property is any property that does not have a homestead exemption or other special exceptions under Florida law. Common examples of non-homestead properties include businesses and rental properties.
Will Amendment 2 affect schools?
Funding for our schools will not be affected by Amendment 2.
Who is supporting Amendment 2?
Amendment 2 has a large and diverse group of support. Your local Realtors® and Chambers of Commerce support it, as do many local businesses.
Who benefits from Amendment 2?
Everybody does! Even though Amendment 2 only affects certain property taxes, it benefits everybody by keeping Florida an affordable place to live, work, and do business.
Do out-of-state businesses or residents benefit from this?
“Amendment 2 is for Everybody” isn’t just a catchphrase, it’s the truth. Anyone that owns non-homestead property in Florida will benefit. Keeping property taxes low for out-of-state businesses and residents that are looking to invest in Florida property is good for all of us because it helps grow Florida’s economy and brings jobs to our state.
What does the amendment text say?
LIMITATIONS ON PROPERTY TAX ASSESSMENTS.—Proposing an amendment to the State Constitution to permanently retain provisions currently in effect, which limit property tax assessment increases on specified nonhomestead real property, except for school district taxes, to 10 percent each year. If approved, the amendment removes the scheduled repeal of such provisions in 2019 and shall take effect January 1, 2019.
You can read the full text of the amendment here: http://dos.elections.myflorida.com/initiatives/fulltext/pdf/10-96.pdf