Update: Amendments 1 and 2
West Palm Beach, FL - The midterm elections were held on November 6th. Amendment 1, commonly referred to as the “Third Homestead” did not pass with the required 60 percent vote. Amendment 2, which allows for the continuation (in perpetuity) of the 10% cap on non-homesteaded properties, did pass with the required 60 percent of the vote. The 10% cap was originally approved by voters in 2008 for the duration of 10 years and was set to expire on December 31, 2018.
As of Jan. 1, 2019, annual increases in the taxable value of all non-homestead real property (except for school district taxes) will permanently be capped at 10 percent annually. Non-homestead properties include rental properties, vacation homes, vacant land and commercial property.