The Florida Association of Counties estimates that if passed, Amendment 4 will have a $1.7 billion impact on local communities in Florida. (Everyone loves the theory of property tax reductions until the reality sets in that a reduction in taxes for others could mean an increase for them.)
The association has provided estimates of the property tax impact on counties in Florida if Amendment 4 passes.
For example, Pasco County could have an impact of:
$1.3 million in 2013
$2.4 million in 2014
$3.4 million in 2015
$5.3 million in 2016
and Hillsborough County:
$5.4 million in 2013
$10.4 million in 2014
$15.0 million in 2015
$22.9 million in 2016
The Orlando Sentinel writes that current homesteaded homeowners will likely have to pick up the tab for those property tax reductions for first time homeowners and non-homesteaded properties:
"The burden of Florida's property taxes would likely shift away from first-time homebuyers, developers, snowbirds and landlords and weigh down the state's existing homeowners under a ballot measure approved last year by state lawmakers and pushed this year by Florida's real-estate industry.
But any property-tax reductions for new homeowners or nonhomeowners would likely involve existing homeowners having to take up at least some of the slack.
"It obviously has a lot of implications for homeowners — who are going to end up paying for it in some form — and also for people who will benefit from it," said Christopher McCarty, director of the University of Florida's Bureau of Economic and Business Research.
One thing that could partly offset the tax burden shifting to existing homeowners would be the addition of new buildings and houses to the tax rolls, Orange County Property Appraiser Bill Donegan said. But even with extra taxes from such construction, Amendment 4 would likely leave longtime homeowners paying part of the tax break for first-time buyers, he added.
"The homeowners are going to pick up the tab," Donegan said recently. "Look out."
"What ad campaigns don't always tout is that Amendment 4 would also carve out larger tax breaks for owners of commercial property."
The Tampa Bay Tribune recommends a no vote on Amendment 4: Link
The Florida Association of Counties has released the following: