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Election 2008
Constitutional Amendments: What You Need to Know
November's ballot includes six proposed constitutional amendments, from a ban on gay marriage to a tax break for working waterfronts. Here's a guide.
Amendment 3
Hurricane and Energy Tax Break
Title: Changes and Improvement Not Affecting the Assessed Value of Residential Real Property
What it does: Provides homeowners with a small property tax reduction when they make storm-hardening improvements such as adding hurricane shutters and hurricane-resistant shingles, doors and windows. It would also exempt renewable energy source devices like solar water heating systems. The property tax reduction would apply to rental apartments, second homes or vacation homes as well as homesteads.
Background: Currently, the Florida Constitution requires all property, with some exceptions, to be assessed at a fair market value for the purposes of ad valorem taxation. State Sen. Gwen Margolis (D) of Miami Beach, a member of the Taxation and Budget Reform Commission, introduced the measure. Margolis, who is term-limited, is running for property appraiser in Miami-Dade County.
Proponents: Margolis, Florida Chamber of Commerce, Florida TaxWatch
Opponents: No organized opposition
Financial impact: Taxpayers would save an estimated $3.44 million in the first year the measure is implemented, according to estimates by the Legislature’s Office of Economic and Demographic Research. That would amount to an average savings of about $15 for each of the 225,000 homeowners who would likely qualify. Homeowners could realize additional savings, however, in the form of reduced insurance premiums and lower energy costs.
