Amendment 5 in Florida: How much will homeowners save?

Recently, Florida voters approved Amendment 5, which promises slight tax relief for homeowners across the state. 

This measure will adjust part of the housing exemption according to inflation, allowing taxpayers to save a little on property taxes.

According to Marty Kiar, Broward County property appraiser, NBC 6 The savings won't be significant immediately, but they represent a benefit for the owners.

I think it will save people between $10 and $15 in property taxes, but it could also increase each year based on inflation. I think it's pretty good that it puts a little more money in people's pockets, he added.

However, this tax relief for homeowners could pose a problem for cities and counties in South Florida that rely on property tax revenues to fund essential public services such as police and fire departments. 

Impact of Amendment 5 on cities and counties in Florida

The state has estimated that the financial impact in the first year will be $22 million, while the independent research institute Florida Police Project warns that counties could lose more than $400 million in tax revenue over a five-year period.

Despite these projections, Kiar remains optimistic, highlighting that recent increases in property values have strengthened local budgets. 

The values in Broward County increased to such an extent that the county gained $1,713,000,000 more this year than the previous one without raising taxes. So, overall, it's a nominal amount for our local governments; they won't lose much money. They won't have to raise taxes to compensate for it, he said.

For his part, Fort Lauderdale Mayor Dean Trantalis agreed that the impact on the city will be minimal. "We will continue to provide the same level of services. Property values are still rising," he stated.

Amendment 5 will take effect on January 1, affecting the 2025 tax bill, which will be paid the following year. It is important to note that the portion of the exemption allocated to fund local schools will not be affected, the cited media added.