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Amendment 2 is for Everybody

Nov 1, 2018 | Buyers, First Time Home Buyers, Legal, Sellers, Uncategorized | 0 comments

This proposal permanently places a 10-percent cap on the annual increase of non-homestead property tax assessments. This amendment wouldn’t change current law, but it puts protections in place so exorbitant increases don’t impact renters, business owners and consumers.

What owners of non-homestead properties face, should the amendment fail, is paying taxes on the full value of properties, beginning in January 2019. This could translate into higher costs for renters, financial burdens for those on fixed incomes, increased costs for consumers who shop at businesses and more costs for those who own undeveloped land. Projections show a potential tax increase of about $700 million each year.

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