GAINESVILLE, Fla. (WCJB) – With supporters saying it would help address rising housing costs, Amendment Three would increase the homestead property tax exemption for teachers, law-enforcement officers, firefighters and several other public service professions.
The change, if passed, is projected to save nearly $81 million for the targeted property owners next fiscal year, with the annual savings growing to $93.6 million in five years. Under current law, homeowners can qualify for homestead exemptions on $50,000 of the first $75,000 of the appraised value of property.
Under the proposal, homeowners in the targeted professions could receive an additional $50,000 exemption, which would apply to the property value above $100,000. Bob Nave, with the group Florida TaxWatch, says the amendment will make housing more affordable for many public service workers. According to Nave, “Government officials will have to decide whether they can live with the reduced tax revenues, or maybe the escalating property values will offset these cuts. We’ll just have to see.”
Opponents of the proposed amendment say it will shift more of the tax burden to businesses and to renters, while doing nothing to solve Florida’s affordable-housing problems. To pass, the amendment needs the support of more than 60% of those voting in November.
TRENDING STORY: Gainesville mayoral candidates face off in second debate
Click here to subscribe to our newsletter.
Copyright 2022 WCJB. All rights reserved.