Florida Property Tax Relief Proposal Defeated

by Isaac Benmergui, Esq on November 15, 2012

Florida homeowners can’t seem to catch a break. A wide-ranging property tax relief proposal was rejected by Florida voters.

Amendment 4 failed after receiving only 43 percent of the vote; all state constitutional amendments need at minimum 60 percent approval in order to pass.

Real estate interest groups promoted Amendment 4 as a way to boost Florida’s economy. Local officials opposed it, arguing the amendment would cut services and raise taxes for those who wouldn’t see any benefit from the measure.

Amendment 4 included a 5 percent annual assessment cap for businesses and second homes, and an additional exemption for first-time primary home buyers.

The proposal also would have allowed the Legislature change a quirk in the existing law that increases a homeowners’ tax bill if their property value goes down. That assessment is part of the existing Save Our Homes provision, which carries a 3 percent cap on the annual assessment. 

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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