Florida Amendment 5: Understanding How it Could Save You Money on Property Taxes in 2024

With the 2024 election approaching, homeowners in Florida are paying close attention to Amendment 5, a ballot initiative with the potential to impact property tax savings across the state. Central Florida residents, in particular, may wonder how this amendment could influence their annual property taxes. This blog breaks down the details of Florida Amendment 5, explains the proposed tax adjustments, and highlights what homeowners should consider before casting their votes.

What Amendment 5 Proposes

Florida Amendment 5 seeks to adjust homestead exemptions in response to inflation rates. Homestead exemptions are tax breaks for homeowners, helping to reduce their property tax burden. If Amendment 5 passes, certain homestead exemptions, excluding those related to schools, would rise with inflation.

In practical terms, if inflation were to increase, homeowners could expect slight tax savings on their property for that year—typically between $30 and $50, depending on their home’s value. While this may not seem like a substantial amount, every bit of savings can help homeowners reduce their annual expenses.

Implications for Homeowners

Understanding both the advantages and potential downsides of Amendment 5 is essential:

• Pros: Voting “Yes” on Amendment 5 could result in a small property tax savings for homeowners, providing much-needed relief if inflation rates spike.

• Cons: Lower property taxes mean that local governments would collect less revenue. For cities and counties across central Florida, this reduction in funding could impact local services, from road maintenance to public safety initiatives. Homeowners should consider both the immediate benefits of lower property taxes and the long-term implications for their communities.

What Homeowners Need to Know Before Voting

When it comes to voting on Amendment 5, homeowners are encouraged to weigh both sides of the proposal. Saving a small amount on annual property taxes could be beneficial, especially as inflation impacts the cost of living. However, voters should also consider how reduced city and county funding might influence local services.

Taking the time to understand what a “Yes” or “No” vote means can help you make an informed decision that aligns with your priorities as a homeowner.

If you have questions about Amendment 5 and how property tax savings impact homeownership in central Florida, feel free to reach out to Peter and Traci Prantner. As real estate experts in central Florida, Peter and Traci are here to provide the information you need to make confident decisions about your property and financial future. Voting on Amendment 5 is a choice that every homeowner should approach with insight and understanding, and Peter and Traci are ready to help guide you through any questions you may have.