It is extremely important to learn about Florida Amendment 2, which will be on the ballot in Florida on November 6th with the title LIMITATION ON PROPERTY TAX ASESSMENTS.
Amendment 2 prevents taxes from skyrocketing , hurting the economy
and making rents too expensive. A decade ago, Florida voters approved a
law that placed a 10 percent cap on annual increases of non-homestead
property taxes, which includes home and apartment rentals, business and
commercial parcels, and vacant lots. If passed, Amendment 2 would make
the 10 percent cap permanent. A “YES” vote supports this amendment and
protects renters, businesses and other property owners.
If Amendment 2 doesn't pass and the cap is not renewed everyone in
Florida will be affected. If you own any property other than your home,
such as a rental property, vacation rental, or business, you could see
your property taxes greatly increase. Even if you don’t own any of
these, you would still feel the impact because many business would pass
the their increased costs on to you (i.e. renters will see their rent go
up over and over again when landlords pass the extra taxes on to them).
Also investors will be discouraged from investing their money in
rental properties and businesses in fear of unlimited tax increases, and
we would lose a great source of work for many people. Simply put,
Florida is going to be hurt if the amendment does not pass . A “no”
vote opposes this amendment to cement a 10% cap. A “no” vote is no
good.
The negative impacts of the non-homestead tax cap expiring are enough to
keep anyone up at night, not only from a business perspective, but just
a general concern for the community.
VOTE YES TO AMENDMENT 2!
Source: Florida Realtors Association
