Loading
A Miami legislator has proposed a constitutional amendment that would change how much a property’s assessed value can go up each year.
The amendment would cap the allowable increase in the assessment of a homestead property to 2%, down from the current 3%.
Rep. Juan Fernandez-Barquin, R-Miami-Dade, says the bill is aimed at tamping down on what homeowners have to pay in property taxes as home prices in the state continue to go up, raising costs for those whose assessments have gone up as well.
Fernandez-Barquin says in a statement that property prices are “through the roof” and “stifling the middle class that is already being crushed by rampant inflation.”
According to an August report from Florida TaxWatch, the value of existing homestead property appreciated by 28% in 2022. The previous peak had been 26% in 2006. The non-partisan research institute went on to say that county taxable value is estimated to increase by 9.6% in 2023 and 8.7% in 2024, “more than any other post-2006 year.”
Fernande-Barquin says Florida “permits a limited exemption for homestead property, which is usually based on the assessed value of said land.”
“However, because of rising property values, residents who own their own home could truly benefit in the long run by lowering the amount your property tax assessment can increase from 3% to 2%.”
If proposal is approved, the amendment will appear on the ballot in the next general or special election.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
