As you may have heard, November 8th is Election Day. But, if you are in Lake, Osceola, Orange, Seminole and most counties in Florida, early voting begins Monday, October 24th. There are two ballot measures near the back of your ballot that directly matter to homeowners. Here’s some information provided by the Florida Chamber of Commerce:
Amendment #3: Tax Exemption for Totally and Permanently Disabled First Responders
Proposing an amendment to the State Constitution to authorize a first responder, who is totally and permanently disabled as a result of injuries sustained in the line of duty, to receive relief from ad valorem taxes assessed on homestead property, if authorized by general law. If approved by voters, the amendment takes effect January 1, 2017.
Amendment #5: Homestead Tax Exemption for Certain Senior, Low-Income, Long-Term Residents; Determination of Just Value
Proposing an amendment to the State Constitution to revise the homestead tax exemption that may be granted by counties or municipalities for property with just value less than $250,000 owned by certain senior, low-income, long-term residents to specify that just value is determined in the first tax year the owner applies and is eligible for the exemption. The amendment takes effect January 1, 2017, and applies retroactively to exemptions granted before January 1, 2017.
James Madison Institute has released a very detailed guide explaining both sides of these issues. CLICK HERE for their analysis. Ballotpedia also offers a good breakdown of these issues – CLICK HERE for more information.
For homeowners and future homeowners, issues you will vote on this November could have long term implications for your pocketbook.