Amendment 2 and a possible $700M tax increase, what does it mean to you?

by Bill and Aby Brooks, REALTORS® 05/17/2018

TALLAHASSEE, Fla. – May 16, 2018 – 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 on the November ballot.

Known as Amendment 2, the proposed amendment would extend a current 10 percent cap on annual increases in assessed values of non-homestead properties – a cap that voters approved in 2008.

Florida Realtors supports Amendment 2

Visit the “Amendment 2 – Good for All Floridians” website for more information on the campaign or to get involved.

TaxWatch Vice President Kurt Wenner said many Floridians aren't aware how much taxes could go up if the cap is lifted.

"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."

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.

Supporters of the amendment say it's currently polling at just under 60 percent, which is the threshold for amendments to pass.

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.

In all, Florida's November ballot will include 13 proposed constitutional amendments.

Florida Amendment 2

Florida Real Estate Taxes

Team Brooks

Florida Legistalture

Non Homestead Taxes

About the Author

Bill and Aby Brooks, REALTORS®

Aby’s understanding of excellent customer service stems from her extensive professional background. Prior to earning her real estate license in 2005, along with her college degree that focuses on business and engineering, Aby was the head of purchasing, inventory and quality assurance for an OEM medical and aerospace manufacturing company. Known by her clients and fellow realtors for her tenacity, honesty, integrity, and attention to detail, as a full-time realtor, she is also appreciated for her quick response to her client’s needs. Aby has been an avid horse rider and owner since the age of eight, with her husband Billas a local firefighter/EMT they are very active within the community. Bill served as a US Army Airborne Ranger in 75th Ranger Regiment, he is a combat-wounded veteran who was awarded a Purple Heart. Bill's background as facility Manager for an International metals company and as a firefighter/EMT gives him the experience, attention to detail and the desire to go above and beyond to serve his customers. The Brooks' serve on the board of a local non-profit (501c3) that gives back to the veterans, first responders and their families. The Brooks family resides on their small ranch in Manatee County. Aby& Bill excel in all types of real estate and their passion is helping people. “We genuinely like people, growing up in Sarasota and Manatee counties and now raising our own family here, it is an absolute pleasure to share our growing area with newcomers and reminisce with longtime residents. Our area has so much to offer and it is our business to help folks buy and sell their own piece of paradise.”