(Orlando, Florida) – Florida voters will have a chance to vote on a series of targeted property tax breaks when they go to the polls on Nov. 6. The property tax amendments, if approved, would reduce local taxes by nearly $2 billion over the next four years, according to The News Service of Florida/Herald Tribune.
Groups that would see their taxes cut range from first-time homebuyers to disabled veterans.
The ballot will include a proposal, Amendment 4, which would prevent property assessments from going up when the value of the property goes down. It would also reduce the cap on annual assessment increases on non-homesteaded properties, such as businesses and vacation homes, from 10 percent to 5 percent.
Florida Realtors support the property tax reductions, while a coalition of city and county groups, sheriffs and others opposes them, arguing that they will result in cuts to schools, fire protection, law enforcement and other local services funded largely through property taxes, the News Service reported.