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Proposed Property Tax Amendments on November 2008 Ballot
Every 20 years, Florida appoints a Taxation and Budget Reform Commission that has the authority to place amendments directly on the ballot. This year the commission proposed four measures that affect the property tax for the November 2008 presidential ballot. Those proposals are:
Amendment 3: Changes and Improvements Not Affecting the Assessed Value of Residential Real Property (Wind Resistant and Renewable Energy Source Devices)
This proposal allows owners of residential property to make tax-free improvements or additions for: increasing resistance to wind damage or the installation of renewable energy source devices on their homes.
Amendment 4: Property Tax Exemption of Perpetually Conserved Land; Classification and Assessment of Land Used for Conservation
This requires the legislature to provide a property tax exemption for land permanently dedicated for conservation purposes (as defined by general law). Land dedicated as such would be assessed for taxes solely on the basis of its current use.
Amendment 5: THIS AMENDMENT WAS CHALLENGED AND REMOVED FROM THE BALLOT, BUT MAY FACE AN APPEAL. UPDATES WILL BE POSTED AS THEY BECOME AVAILABLE.Eliminating State Required School Property Tax and Replacing with Equivalent State Revenue to Fund Education; lowering cap on annual increases of non-homesteaded property from 10% to 5%.
This proposal would eliminate a large portion of the local school property tax. School funding is required to be maintained at current levels. The proposal requires the Legislature to find other methods of funding to make up the difference which could include: increasing the sales tax up to one percentage point, by reducing spending, eliminating sales tax exemptions or other revenue options.
Amendment 5 would also cap annual assessment increases on non-homesteaded property at 5% per year (from 10% passed in January 2008).
Amendment 6: Assessment of Working Waterfront Property Based Upon Current Use
This proposal provides for the assessment of working waterfronts at its current use instead of market value based on “highest and best use.” Property included: commercial fishing facilities, marinas and drystacks open to the public, boat launches open to the public and water-dependent marine facilities such as those used for boat repair and manufacturing.
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