The party is firmly behind the high-profile property tax amendment.
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The Republican Party of Florida (RPOF) is rebutting an independent analysis arguing that November’s Amendment 3 would be a net loss for renters.
The RPOF says the homestead exemption increase would actually benefit renters and everyone else.
“Amendment 3 strengthens protections on rental property by cutting the annual assessment-growth limit on covered non-homestead property from 10 percent to 5 percent. It gives the Legislature the ability to provide property-tax relief directly to Florida renters. And when a renter becomes a homeowner, Amendment 3 substantially reduces the property-tax burden that comes with owning that home,” RPOF Chair Evan Power said.
Power and his party are responding to a new analysis by Jared Walczak, a Senior Fellow at the center-right Tax Foundation who is known nationally for his work on state tax reform. Walczak wrote the report through his firm, Walczak Policy Consulting, for the Florida Housing Coalition, the Florida Apartment Association and Miami Homes For All.
As Walczak sees it, the average property tax bill on an apartment unit in Florida could rise $406 a year by 2028, when the homestead exemption for non-school taxes would reach $250,000. Single-family rental homes could see a $1,081 increase. Owner-occupied properties that do not qualify for a homestead exemption would take the biggest hit, at $1,196.
But Power isn’t sold.
“Amendment 3 addresses both sides of the affordability equation: protecting renters today and reducing the property-tax burden of homeownership tomorrow,” he said.
Florida’s housing market is challenged, with foreclosures and sales for a loss increasing as interest rates on mortgages continue to spike.
The amendment, if it passes with at least 60% of the vote, would restrict what counties and municipalities can spend property tax revenue on. Acceptable expenditures would include public safety, education and public schools, infrastructure, natural resource projects like flood control, bonds and debt service, and retirement benefits for local government employees.
Local governments may also fund the operations of county constitutional officers, such as Supervisors of Elections, Clerks of Court, and Property Appraisers, along with County Commissions and municipal government.
Recent polling suggests Amendment 3 may be a long shot. A St. Pete Polls survey shows the proposal with just 45% support, well short of the 60% needed to pass.
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