Amendment 2

Limitations on Property Tax Assessments

This amendment makes a temporary 10 percent cap on annual property value increases a permanent cap. It applies to vacation homes, apartments, and commercial property.

Basically, it limits property tax increases, which limits tax revenue, and therefore an area’s tax base for providing various public services – and it does so to benefit businesses and non-residents, mostly (since it applies to vacation homes, apartments, and commercial properties). School district taxes are not a part of it.

The amendment, which originated with the Florida Legislature, reads:

Proposing an amendment to the State Constitution to permanently retain provisions currently in effect, which limit property tax assessment increases on specified non-homestead real property, except for school district taxes, to 10 percent each year. If approved, the amendment removes the scheduled repeal of such provisions in 2019 and shall take effect January 1, 2019.

If you vote yes, property tax increases would be capped, limiting taxes for owners of secondary and commercial properties, but also limiting revenue for local governments.

If you vote no, there would be no limit to how much property taxes could increase, which could lead to higher taxes for certain categories of property owners, but also more revenue for local governments.