May 7, 2021

Tallahassee Trend - The Amendments

Florida Amendment 4 - Property Tax Breaks

The tax breaks would cost local governments up to $600 million.

Amy Keller | 9/4/2012

Main Sponsors: Sen. Mike Fasano (R-New Port Richey) and Rep. Chris Dorworth (R-Lake Mary)

Title: Property Tax Limitations

What It Does: Current law caps annual assessment increases on non-homesteaded property at 10% a year. Amendment 4 reduces the assessment cap to 5% and delays expiration of that cap to 2023; gives first-time home buyers (those who have not purchased a home in Florida in the past three years) an additional homestead exemption up to $150,000 phased out over five years; and allows the Legislature to repeal Florida’s “recapture” rule, which causes some taxable values on homesteaded property to rise even when market values have dropped.

Background: Dorworth, a real estate investor and developer, says Amendment 4 will make property taxes more manageable and stable. The proposal would reduce some of the inequities created by the 1992 Save Our Homes constitutional amendment but could reduce revenue to local governments and force them to raise millage rates.

Proponents: Taxpayers First, a political action committee backed by the Florida Association of Realtors; Florida Chamber of Commerce; Associated Industries of Florida

Opponents: Local governments, Democratic Progressive Caucus of Florida

Budget Impact: Assuming millage rates remain the same, local governments stand to lose about $273 million in 2013, with revenue shrinking by $600 million by 2016.

» See all of Florida's 2012 Amendments here.

Tags: Politics & Law, Florida-Amendments-2012

Florida Business News

Florida Trend Video Pick

Miami’s Children Museum reopens after 14 months of COVID-19 closures
Miami’s Children Museum reopens after 14 months of COVID-19 closures

After 14 months, Miami’s Children Museum will physically reopen this weekend. It has maintained a strong online presence for children and families since the start of the pandemic.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you agree with Governor DeSantis's decision to create a permanent ban on vaccine "passports" in Florida?

  • Yes
  • No
  • Need more information
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2021 Trend Magazines Inc. All rights reserved.