Florida Mayors Warn $333.8 Million Tax Hit From Amendment 3 as Homestead Exemption Jumps to $250,000
Updated
Updated · South Florida Sun Sentinel · Aug 15
Florida Mayors Warn $333.8 Million Tax Hit From Amendment 3 as Homestead Exemption Jumps to $250,000
3 articles · Updated · South Florida Sun Sentinel · Aug 15
Summary
$333.8 million in second-year Broward property-tax losses dominated a South Florida warning that Amendment 3 could sharply cut municipal revenue if 60% of voters approve it on Nov. 3.
The measure would raise Florida’s homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028, with Broward homeowners saving an average $1,325 in year one and $2,661 in year two.
Fort Lauderdale Mayor Dean Trantalis said his city would lose $17 million in the first year and $27 million in the second, threatening parks, police and fire services that consume most of its budget.
Boca Raton Mayor Andy Thomson put his city’s hit at nearly $8 million in year one and almost $17 million in year two, saying officials are already reviewing departments and possible alternative revenue sources.
Both mayors said raising city tax rates would shift costs to non-homesteaded properties, businesses and renters, with bedroom communities facing the hardest choices on layoffs, library hours and park operations.