Florida’s Amendment 2 would cement existing limits on some property tax assessments
Amendment 2, which would permanently retain provisions currently in effect regarding property tax assessments, is a proposal put forward by the Florida Legislature.
As of now, the assessed value of non-homestead properties can only be increased by 10 percent in a given year under state statute. If passed, the amendment would make that cap permanent. It would also remove the scheduled repeal of such provisions in 2019, and would take effect Jan. 1, 2019.
Non-homestead properties include second homes, rental properties, vacation homes, vacant land and commercial property. The assessments exclude school district levies.
Since 2008, such property tax assessments have been limited to 10 percent of the assessed value from the previous year. The provisions protect taxpayers from potentially larger increases in property taxes in the future.
In order to become law, each of the amendments on the ballot must be approved by a 60 percent vote.
A vote “yes” means non-homestead property assessments would be capped at 10 percent permanently.
A vote “no” means non-homestead property assessments would be capped at 10 percent but could be subject to change in 2019.
This story was originally published October 5, 2018 at 8:51 PM.