TaxWatch Analysis of Amendment 2

In November 2018, Florida voters have a chance avoid a major property tax increase on owners of commercial or rental property, vacation or second homes, unimproved real estate, or any other non- homestead property. This tax increase will happen if the current 10 percent cap on non-homestead property assessments—scheduled to be repealed—is not reauthorized by the voters.

Florida constitutional amendment 1, approved by the voters in 2008, made several changes to property taxation in Florida. It created an additional $25,000 homestead exemption, a $25,000 exemption for tangible personal property, and allowed for portability of Save Our Homes (SOH) benefits when a taxpayer moves to another homestead in Florida. These changes are permanent but a fourth provision, a 10 percent cap on the growth of non-homestead assessed value, is scheduled for repeal on January 1, 2019.

However, the amendment also required the Legislature to place a proposed amendment on the 2018 General Election ballot to extend the cap. The 2017 Florida Legislature passed House Joint Resolution (HJR) 21 to prevent the scheduled repeal of the non-homestead assessment cap.