LIMITATIONS ON PROPERTY TAX ASSESSMENTS
Amendment 2 would make permanent the cap of 10 percent on annual nonhomestead parcel assessment increases set to expire on January 1, 2019. The cap does not apply to school district taxes. Voters approved the cap in 2008, when 64 percent voted to pass Amendment 1.
Properties considered nonhomestead parcels include nonhomestead residential properties, such as second homes and rental apartments, and nonresidential property, such as commercial property and vacant land.
The exact ballot summary language reads:
"Proposing an amendment to the State Constitution to permanently retain provisions currently in effect, which limit property tax assessment increases on specified nonhomestead real property, except for school district taxes, to 10 percent each year. If approved, the amendment removes the scheduled repeal of such provisions in 2019 and shall take effect January 1, 2019."
The Florida Realtors trade group this week began a push to pass Amendment 2, which gives voters the choice to make permanent a 10 percent cap on annual valuation increases for non-homestead properties. The measure will appear on the 2018 ballot, which also features a gubernatorial race.