TALLAHASSEE, Fla. (WCTV) – A recent report from Florida’s Revenue Estimating Conference breaks down city by city and county by county the impact a property tax amendment could have on their bottom lines if voters approve it this fall.
The report is dated July 10 and lays out how much property tax revenue local governments can expect to lose in the first five years.
Amendment 3 seeks to offer relief to Florida taxpayers by raising the homestead exemption to $150,000 in 2027 and to $250,000 in 2028 for non-school taxes.
According to the REC analysis, Leon County would lose $45.4 million dollars in its first year, $75.1 million in the second and then increase each year after that to more than $81 million in year five.
The REC analysis shows the City of Tallahassee would lose $11.3 million in property tax revenue in year one, $18.5 million in year two and up to $19.7 million in year five.
Here’s a breakdown of what other cities and counties in the Big Bend are expected lose in their first year:
Franklin – $2.1M overall
Franklin County – $1.4MApalachicola – $381,243
Gadsden – $6M overall
Gadsden County – $5MQuincy -$448,543
Hamilton – $1.4M overall
Hamilton County – $1.2MJasper – $92,475
Jefferson – $2.2M overall
Jefferson County – $1.9MMonticello – $259,533
Lafayette – $1M overall
Lafayette County – $924,558Mayo – $43,115
Liberty – $700,000 overall
Liberty County – $618,941Bristol – $63,700
Madison – $2.2M overall
Madison County – $1.9MMadison – $148,167
Suwannee – $6.8M overall
Suwannee County – $6MLive Oak – $488,671
Taylor – $2.4M overall
Taylor County – $2MPerry – $353,573
Wakulla – $6.4M overall
Several Florida counties have independent special districts, which account for additional revenue impacts.
Counties and cities are weighing what public services to cut if voters approve the property tax amendment in November.
Leon County Commissioner Bill Proctor is among those urging voters to vote no on Amendment 3 due to the impact it could have on local services from water and sewer to parks and recreation. The head of the “Vote No on 3″ initiative – former Leon County Commissioner Bryan Desloge likened it to “surgery with an axe.”
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