There are so many things applying pressure to those living in Florida, but one of the biggest and most controversial ones is, undoubtedly, Amendment 3. Since this has been talked about for a long time now, many already know what it is about. It promises to give a large tax exemption to some people, which, on paper, looks great. However, a new study claims that if Amendment 3 passes, some people, especially renters, would end up paying a lot more.
The original article from the Tampa Bay Times shows a study by tax policy expert Jared Walczak that mentions how renters could be affected in a severe way if Amendment 3 wins.
For some quick context, if the proposal passes, it would raise the tax exemption for those with property to $250,000 by 2028, according to the above report. While homeowners could potentially save a lot of money yearly, and it certainly sounds great for them, it might not be the best deal for renters.
The tax policy expert speculates that if Amendment 3 becomes real, the government could raise the property tax rate to make up for the lost revenue. As you all know, property tax ends up paying for several things in the state, so there has to be a way to mitigate the losses.
And while all of the above is pure speculation right now, it doesn’t sound too far-fetched. The study also says that the tax bill for an apartment building could increase by $400 each year, and home rentals could go for an even higher price. If this happens, it would put several renters in a tough spot, especially since the living conditions in the state aren’t that great right now, especially for those who won’t have a home they can call their own.
Florida Locals Are Tired of Amendment 3
Just by looking at the comments on the above Reddit post, people in Florida have had enough with Amendment 3 and just want it to go away.
“This amendment is too short-sighted and backward.”
“I will vote no on all amendments.“
Others are urging people to look at the potential consequences, which look quite grim according to some Redditors.
“They will pay more somewhere to make up the difference. The state still needs money, and if they can’t get it from property tax, they will get it elsewhere. Everyone suffers.“
By the looks of it, many are against Amendment 3, but we’ll have to wait and see what everyone ends up voting for.
