Vote YES on Amendment 4

Author: Rich Barnhart

Author: Rich Barnhart

Standing in the voting booth can be a bit overwhelming and this year is no different. In addition to voting for our president you will have plenty of other decisions to make. Amendment 4 has gotten a lot of attention in Florida, mostly because it is so important to our economy. Amendment 4 had strong support in the Legislature: The House vote was 105-11; the Senate, 25-12. To become law, it will need the support of 60 percent of voters on Tuesday.

Vote Yes on Ammendment 4

Amendment 4 has 3 provisions:

  • The first would reduce the 10 percent cap on increases in property values on non-homesteaded properties to 5 percent. This is extremely important for 2 huge drivers of our economy – business investment and second home owners. If we want more businesses to move to our state we need to have a more attractive tax structure. And, Florida has always been an attractive place for folks around the country to buy a second home. Currently many are discouraged from doing so because of the high property taxes.
  • The second is for first-time home buyers. These are defined as those who have not owned a home in Florida in the past three years. They would receive an additional homestead exemption on half the appraised value of their home (up to $150,000).
  • The final provision has a relatively minor impact. It would allow the Legislature to repeal Florida’s “recapture” rule. That allows the taxable value on Save Our Homes parcels to rise even as property values decline, if the home is still assessed below market rate.



Blog Author:

Rich Barnhart

Rich is the broker and owner of By The Sea Realty and a frequent contributor to the company's real estate blog.

What Is Your Property Worth?

Get your free Comparative Market Analysis (CMA) prepared by a local specialist.