{"id":52551,"date":"2018-05-17T13:21:33","date_gmt":"2018-05-17T13:21:33","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=52551"},"modified":"2018-05-17T13:21:33","modified_gmt":"2018-05-17T13:21:33","slug":"study-amendment-2-failure-spark-700m-tax-increase","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=52551","title":{"rendered":"Study: Amendment 2 failure would spark $700M tax increase"},"content":{"rendered":"

Florida TaxWatch released a study on Tuesday projecting that property taxes could increase by more than $700 million on non-homestead properties like businesses, apartments and second homes should Florida fail to extend a property tax yearly rate cap.<\/p>\n

According to TaxWatch, the increase would happen if voters reject a proposed constitutional amendment that they’ll consider on the November ballot.<\/p>\n

Known as Amendment 2, the proposed amendment would extend a current 10 percent cap on annual increases in assessed values of non-homestead properties \u2013 a cap that voters approved in 2008.<\/p>\n

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Florida Realtors supports Amendment 2<\/span><\/p>\n

Visit the \u201cAmendment 2 \u2013 Good for All Floridians\u201d<\/a> website for more information on the campaign or to get involved.<\/p>\n<\/div>\n<\/div>\n

TaxWatch Vice President Kurt Wenner said many Floridians aren’t aware how much taxes could go up if the cap is lifted.<\/p>\n

“If Amendment 2 fails to pass, it doesn’t mean that the cap is just no longer going to be in effect going forward,” Wenner said during a media event at the Florida Press Center. “It means that all of this property will suddenly be assessed at full value. This can be quite a big sticker shock when some people get their tax bills.”<\/p>\n

Wenner said he expects that these potential tax increases would be passed along to renters and business customers, making the issue important whether someone owns property or not.<\/p>\n

Supporters of the amendment say it’s currently polling at just under 60 percent, which is the threshold for amendments to pass.<\/p>\n

The Florida Legislature decided in 2017 to put Amendment 2 on this year’s ballot. Senator Tom Lee, a Thonotosassa Republican who sponsored the proposal, estimated at the time that failure to extend the cap would effectively lead to a $688 million tax increase.<\/p>\n

In all, Florida’s November ballot will include 13 proposed constitutional amendments.<\/p>\n

\u00a9 2018 Florida Realtors\u00ae<\/p>\n","protected":false},"excerpt":{"rendered":"

Florida TaxWatch released a study on Tuesday projecting that property taxes could increase by more than $700 million on non-homestead properties like businesses, apartments and second homes should Florida fail to extend a property tax yearly rate cap. According to TaxWatch, the increase would happen if voters reject a proposed constitutional amendment that they’ll consider […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[59],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/52551"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52551"}],"version-history":[{"count":1,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/52551\/revisions"}],"predecessor-version":[{"id":52553,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/52551\/revisions\/52553"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}