2018 Proposed Amendments Affecting Property Taxes in Florida

Labor Day

9.17.2018

West Palm Beach, FL - This year the general election will be held on November 6, 2018 and there will be 12 proposed amendments on the ballot. Many of these came from the Constitutional Revision Commission which meets every 20 years to review changes to the Constitution. To be added to the state constitution, voters must approve each amendment with a majority of 60% of the vote. Below is a summary of Amendments 1 and 2, which will be on the ballot for the general election, held on Tuesday, November 6th.

Amendment 1

Language: Proposing an amendment to the State Constitution to increase the homestead exemption by exempting the assessed valuation of homestead property greater than $100,000 and up to $125,000 for all levies other than school district levies. The amendment shall take effect January 1, 2019.

More commonly referred to as the “Third Homestead”, if this amendment is approved by the voters, this would give all homesteaded property owners an additional $25,000 exemption on value between $100k and $125K. For example, if a property owner’s assessed value is below $100k (because they live in a lower value home, OR their cap savings has held their assessed value below that threshold) they will NOT receive benefit from this additional exemption. 

There are 339,832 homesteaded properties in PBC, of those, 242,910 will benefit from this exemption should it pass. The tax savings would be approximately $200-$300 per year.

If voters approve this exemption, it will reduce the tax revenue each taxing authority, i.e. city, county, special districts (except the school board) collects.

Third Homestead Exemption Estimator Calculator Click here

Amendment 2

Language: Proposing an amendment to the State Constitution to permanently retain provisions currently in effect, which limit property tax assessment increases on specified non-homestead real property, except for school district taxes, to 10% each year. If approved, the amendment removes the scheduled repeal of such provisions in 2019 and shall take effect January 1, 2019.

Amendment 2 allows for the continuation of the 10% cap on non-homesteaded properties. The 10% cap was approved by voters in 2008 for the duration of 10 years and is set to expire on December 31, 2018. If this amendment is approved by the voters, the 10% cap would continue in perpetuity. 

If it does not pass, by law, my office will be required to remove the 10% cap savings that is currently on some non-homesteaded properties. Owners of approximately 134,592 non-homesteaded properties would see a tax increase.  

As always, the Property Appraiser’s position is to adhere to the law concerning the outcome of any constitutional amendment. If Amendments 1 and 2 receive approval from the voters, we will make any necessary changes to our processes to comply with the new laws.          

If you have any questions regarding Amendments 1 and 2, please call our office at 561.355.2866.

Flyer on Amendments 1 & 2