What Is Florida's Amendment 2?
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What Is Florida's Amendment 2?
You might have seen the signs in the ground, the commercials on TV, or advertisements online. "Everybody is For Amendment 2," is a campaign encouraging Florida residents to vote YES to Amendment 2, which will keep the property tax cap that has been in place for the past ten years.
In 2008, the amendment was established to limit the amount that non-homestead property tax could increase each year. This has helped prevent major tax increases for Florida businesses, property owners and renters within the past decade.
As this amendment is set to expire next year, Florida residents are able to vote whether or not the amendment becomes permanent when we visit the polls this November. If you vote Yes, it will keep the existing amendment in place, ensuring a tax cap on non-homestead properties such as businesses and rental properties.
Taxes for business owners could increase by 30%, 50% or more each year, which would be devastating for many of our local island businesses. Also, any property owner who does not homestead would be susceptible to the same tax increase, likely causing an increase in rental rates to offset the higher taxes, which in turn, would start to affect our seasonal tourism business.
The map below was pulled from the Everybody Is For 2 website and shows the possible direct impact the Amendment has in each county of Florida. As you can see, Lee County (Fort Myers), Miami-Dade County (Miami) and Broward County (Fort Lauderdale) would feel the biggest impact with nearly 400,000 properties affected in each area. You can visit the interactive map by clicking here.
It's Your Choice, Of Course!
While we always shy away from telling clients how to vote at the polls, the slogan "Everybody is for Amendment 2, because Amendment 2 is for everybody," really does apply to everyone who owns property here in Florida, and even those of you who visit every year as vacation renters. Even though Amendment 2 only directly affects certain property taxes, it benefits everyone by keeping Florida an affordable place to live, work, visit and do business.
You can read more about Amendment 2 and keep up with the "Everybody is for Amendment 2" campaign by visiting their website here: EverybodyIsFor2.com.