43 Urban Village Live + Work New Construction written by: Frank Vigliotti, Realtor®, Global Sales…
Vote “YES” on Amendment 4: It’s Worth Fighting For
With this years Presidential election cycle in the spotlight, many local political campaigns and local issues are in the shadows. Important issues, like Amendment 4 here in the Sunshine State is just one significant issue to its property owners, both residential and commercial. I think to myself, how much information have I absorbed just in the last 72-hours. How many decisions will I have to make on November 6th? The United States congress is up for grabs in both divisions, local sheriff offices are up for change, Florida state representatives and then there are the issues that will require another decision to voters. As I prioritize all of these, it is difficult as all are important. All of the issues will affect us.
We need to sort out the Florida’s very important consitutional amendment 4 on the ballot. Whether you rent or own a home in Fort Lauderdale, Wilton Manors condominium, Oakland Park property or Miami single family home, this will effect you. Renters must understand that their rent is much dependent upon the expenses the landlord of the property incurs. Therefore if your landlord has less expenses, usually your monthly rent payment will be less.
As for homeowners of a Florida property, take a good close look at this amendment and vote YES! At the Henri Frank Group brokered by Remax Preferred. we have been talking about amendment 4 and want to share with you the information. Realizing there are many decisions, many choices on November 6th, all of importance, so is Amendment 4.
In the order of importance, “a fairness in Florida property tax system.” Once Amendment 4 becomes a part of the Florida constitution, there cannot be Florida property tax increases when a homeowner’s property value declines. Economic diversity sweeps Florida, especially here in South Florida. Realtors in South Florida, the Henri Frank Group at Remax Preferred, we have an inventory of single family homes in Miami listed at $45,000,000 and homes listed at $18,000. Condominiums in Fort Lauderdale South Florida and Miami Florida listed and sell from $20,000,000 to $8,000.
What is Amendment 4?
Amendment 4 is a constitutional amendment on Florida’s ballot this year. This proposal will lower property taxes for new homebuyers and spur much-needed economic growth in the housing market by offering a healthy new exemption for first-time homebuyers.
Amendment 4 will also protect working families, small businesses and homeowners from unfair and unexpected tax increases by helping to stop “recapture,” a tax gimmick that increases property taxes even when property values decline.
Finally, Amendment 4 will lower assessment increases on non-homestead properties from a burdensome 10 percent to a more reasonable 5 percent.
Amendment 4 creates an additional homestead exemption for first-time homebuyers for 5 years. Amendment 4 protects Floridians from increased property taxes when their property values have declined. Amendment 4 lowers the maximum yearly assessment increase on non-homestead properties from 10 percent to 5 percent.
Q&A prepared by the Florida Realtors website to help us better understand Amendment 4:
- Q: Does this new homestead exemption replace the exemption in current law? A: No. The new homestead exemption in Amendment 4 is applied in addition to your current homestead exemption.
Q: Won’t creating an additional homestead exemption affect the funding of police officers and firefighters? A: Amendment 4 is not retroactive and does nothing to affect the current budgets of local governments.
Q: Does Amendment 4 change or reduce “Save Our Homes”, which caps assessment increases at 3% per year for homestead property, at all? A: No.
Q: If local governments are not able to raise the assessed value of a property that has gone down in market value, won’t they just raise millage rates? A: It is the local government’s decision whether to raise taxes on Florida homeowners or not. Amendment 4 simply gives the Legislature the authority to protect homeowners from burdensome, unfair tax increases if the value of their home goes down.
Q: Exactly how much is this new homestead exemption? A: The additional homestead exemption that Amendment 4 creates is equal to half of the home’s value, up to the median home value in the county.
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 63 boards/associations.
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