SHARE:
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 6
Working
Waterfront
Tax Break
Title: Assessment of Working Waterfront Property Based Upon Current Use
What it does: Provides a tax break for marinas, boat yards, commercial fishing facilities and other “working waterfront” businesses by assessing their property according to its current use, rather than by “highest and best,” or potential, use.
Background: Rapidly escalating property values and the state’s policy of taxing commercial property at its highest and best use have put a financial strain on owners of marinas, fish houses and boatyards. In Palm Beach County, some marina owners have seen their tax bills increase by nearly 400% over the past several years, based on assessors’ judgments that the best use of waterfront property was for high-rise development rather than the marina. The tax policy has been hard on the state’s commercial fishing industry, which has been struggling to survive amid increased fuel prices and increased regulation.
Proponents: Marine Industries Association of Florida, marina owners, fish house owners, boatyard owners, Florida Chamber of Commerce, Florida TaxWatch
Opponents: No organized opposition
Financial impact: Undetermined, although a staff analysis by the Taxation and Budget Reform Commission noted that the tax break could result in reduced revenue for local governments, which may choose to increase millage rates to offset potential revenue shortfalls