ORLANDO, Fla. \u2013 A proposed constitutional amendment could save Florida homeowners tens of thousands of dollars in property taxes, but local governments and other organizations warn it could also lead to billions of dollars in lost revenue.<\/p>\n
News 6 hosted a community discussion Monday to examine the potential impact of Amendment 3, which would dramatically expand Florida\u2019s homestead exemption.<\/p>\n
Supporters say the measure could help rein in rising property taxes. But critics question whether a larger exemption is the best way to address those increases and warn it could create unintended consequences.<\/p>\n
[PART 1: Answers to your questions about Amendment 3]<\/p>\n
\u201cHomestead exemptions are really not a great way to tax property,\u201d one panelist said. \u201cThey\u2019re a carve-out, and carve-outs have adverse results.\u201d<\/p>\n
Another panelist said the amendment could increase market distortions.<\/p>\n
\u201cThere are billions of dollars being spent in ways that weren\u2019t being spent just a few years ago because of this increase,\u201d the panelist said. \u201cThat\u2019s what this amendment would help rein in.\u201d<\/p>\n
[PART 2: Answers to your questions about Amendment 3]<\/p>\n
The Orlando Economic Partnership is hosting a forum Friday morning to discuss the amendment and its potential effects on Florida\u2019s economy. Local leaders, including Orange County Sheriff John Mina, are expected to participate.<\/p>\n
\u201cAmendment 3 could have a huge impact on Florida\u2019s economy,\u201d said Bob O\u2019Malley of the Orlando Economic Partnership. \u201cAnd there\u2019s really a lot of unknowns. We don\u2019t know. And that\u2019s really the danger of Amendment 3.\u201d<\/p>\n
[PART 3: Answers to your questions about Amendment 3]<\/p>\n
If approved, the amendment would reduce the amount of a homeowner\u2019s property value subject to taxation. That could mean lower property tax bills for homeowners, but less revenue for local governments.<\/p>\n
Those governments could be forced to reduce spending, cut services or eliminate jobs \u2014 or find other sources of revenue.<\/p>\n
[PART 4: Answers to your questions about Amendment 3]<\/p>\n
\u201cWe really think that this issue is too complex to deal with in a yes-or-no vote and an amendment to the state\u2019s Constitution,\u201d O\u2019Malley said. \u201cIt really needs to be handled during the legislative session.\u201d<\/p>\n
The amendment needs at least 60% of the vote to pass. If approved, it would take effect Jan. 1, 2027.<\/p>\n
[PART 5: Answers to your questions about Amendment 3]<\/p>\n
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