It’s midterms election season and this year, there’s an item on the ballot on which every Florida REALTOR® needs to make his or her voice heard.
Amendment 3, proposed by Florida legislators, say it will “help the heroes who help us.”
If voters agree, Florida Amendment 3 would provide an additional Homestead Property Tax Exemption for certain public service workers, such as first responders and teachers. Sponsored by Representative Josie Tomkow and passed by the Senate 37-1, the ballot summary reads:
“Proposing an amendment to the State Constitution to authorize the Legislature, by general law, to grant an additional homestead tax exemption for non-school levies of up to $50,000 of the assessed value of homestead property owned by classroom teachers, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, child welfare services professionals, active-duty members of the United States Armed Forces and Florida National Guard members. This amendment shall take effect January 1, 2023.”
Here’s what that means in simpler terms:
Currently, homeowners qualify for homestead exemptions on the first $25,000 of the appraised value of their property. They also can qualify for $25,000 homestead exemptions on the value between $50,000 and $75,000. Any higher property value is taxable.
Amendment 3 would increase the homestead exemption for teachers, law-enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, child welfare services professionals, active-duty members of the military and Florida National Guard, providing them with an additional $50,000 exemption applying to the property value between $100,000 and $150,000.
If passed, the change is projected to save over $80 million for the targeted property owners over the next fiscal year, with annual savings growing to over $93 million in five years. The additional exemption would not impact funding for local schools.
The bottom line? Amendment 3 will:
· Provide an additional $50,000 Homestead Tax exemption for our hometown heroes
· Incentivize those who serve our communities to remain in Florida
· Not impact school funding
With housing costs up 21% in the last year and 47% in the last three years, it’s easy to see that the folks who make up the backbone of our community could use a little help – and those of us most closely connected to homeownership should help them get it. That’s why OMCAR is asking our members and Florida voters to show up to the polls Nov. 8 and VOTE YES ON AMENDMENT 3.
Learn more here – and if you’re not registered to vote yet, you can do so here.
We’ll see you at the ballot box!