As a Florida Realtor, I know the importance of solving the affordable housing crisis. At the crux of this crisis are cost-burdened homeowners, those who spend 40 percent or more of their household income on rent or a mortgage.
State decision-makers, local community action groups, and individuals are all working to help neighbors like these make ends meet. In the meantime, there’s something Florida voters can do to help the housing crisis from getting worse: vote “yes” on Amendment 2 this November.
What’s At Stake
A decade ago, Florida voters approved a law that placed a 10 recent cap on annual property tax increases for non-homesteaded properties, including home and apartment rentals, business and commercial parcels, and vacant lots.
Because of that protective cap, apartment complexes and landlords are abetter able to predict their budgets, which allows them to keep their rental rates as close to the previous year as possible. This encourages renters to stay, and hopefully, to save money for a down payment on a home.
How Will “YES” Help?
If Florida voters don’t act, this beneficial tax cap will expire this year. Before Florida voters approved the cap in 2008, 30 percent of non-homesteaded properties were hit with an 80 percent tax increase in just one year. And nearly three out of four non-homesteaded properties suffered a more than 10 percent annual tax increase.
Put simply, prior to the cap becoming law, the tax system in Florida was unfair, literally punishing non-homesteaded property owners and those renting from them.
If Amendment 2 fails, $60 billion in property value will not be protected, allowing rental rates to spiral out of control. The housing shortage in Florida will become worse, forcing current residents to seek homes and jobs out of the state. Seniors living on fixed incomes who pay to live in a dependent living facility will be especially devastated.
Voting “yes” on Amendment 2 this November will make that tax cap permanent, helping to protect all Floridians and giving the state the time it needs to address its affordable housing crisis.
(source: Florida Realtors magazine, August 2018)
What You Can Do
Register to vote and be sure to vote on yes on Amendment 2 November 6th
Visit the Amendment 2 Campaign website here to learn more
“Like” the A2 Facebook page and share their videos with your Florida friends and family
Put an A2 yard sign in your front lawn to help spread the word to your neighborhood.
Contact me to see how you can get one.