JACKSONVILLE Fla. -- It will take 60% voter approval, but if Florida's Amendment 4 is passed, the people who want it implemented in Florida's legislature say it would help solve the state's housing crisis.
"Amendment four is a way for homeowners to reduce the likelihood that their property tax will increase and that's accomplished by three different steps," said Dr. Harvey Slentz, a business and finance professor at FSCJ
Step one, prohibit increases in the assessed value of homestead property, or primary home if the fair market value of the property decreases. Step two, non-homestead property or commercial property would have their assessment capped at 5% per year. And step three; implement an additional homestead exemption for first time buyers equal to 50% of the homes value capped at the medium home value in the country.
"It's kind of a boost to help them get started," said Slentz.
Slentz told us if passed the amendment will make sure people's tax rates don't rise so quickly, but public schools and county governments could suffer.
"It's limiting the property values and it will particularly hurt the counties and local governments who rely a lot on the property values for their incomes," said Slentz.
Bottom line, if passed, Amendment 4 will limit how state and local governments can increase revenue and only you can decide on November 6th.