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Amendment 1 Information
Sanford Residents, Amendment 1 -- Tax Break or Tax Shift?
Information to help You Make an Informed Decision at the Ballot:
• On Nov. 6, 2018, on the General Election Ballot, Florida voters will be asked to decide the fate of a proposed constitutional amendment called Amendment 1. The ballot title is “Increased Homestead Property Tax Exemption” (to be approved, any constitutional amendment requires 60 percent of the vote).
• This proposed constitutional change exempts the assessed valuation of homestead property greater than $100,000 and up to $125,000 for all levies other than school district levies;
Not all properties will benefit. Business properties, rental homes, homes assessed at less than $125,000, and homes with a large Save Our Homes reduction will not see a decrease in taxes.
• If passed, Amendment 1 is expected to reduce local government tax revenue by $644.7 million per year. Most of the benefits of Amendment 1 will go to around 12 percent of Florida homeowners. The homeowners who do benefit could save about $275 per year, according to the amendment’s sponsor.
• Although sponsored by the State Legislature, if passed, Amendment 1 would place a huge burden on local governments, such as the City of Sanford, which rely on property taxes for revenue to provide our residents with the services they expect.
If passed, Amendment 1 would reduce the City of Sanford’s tax revenue by about $553,000. This would have to be made up by shifting taxes to businesses, rental properties, and homes that do not qualify for the exemption, or by reducing services to all residents.
Amendment 1 benefits a small portion of homeowners, but a reduction in services would affect all residents.
• The adverse effects of this ballot initiative could negatively impact job growth, small businesses and tax equity in Sanford due to shifting the tax burden to make up for lost revenue.
Home Rule is a basic principle of government in Florida, where local communities set their own priorities and decide how to pay for them. Amendment 1, if passed, does not support this process.
Sanford residents, carefully consider your decision on Amendment 1 before voting in the November 2018 general election.
Additional information on Amendment 1 can be found on the Florida League of Cities website at http://www.floridaleagueofcities.com/Amendment1