he Florida Department of Revenue and Florida Office of Economic and Demographic Research estimate the constitutional approval of Amendment 3 during November’s general election will lead to a total recurring reduction in revenue of nearly $2.2 billion for Orange, Seminole, Lake, Osceola, Volusia and Brevard counties.
The proposed amendment aims to increase the homestead exemption for qualified residents while establishing new residency requirements, reducing the annual assessed value increase cap for non-homestead properties and limiting the use of county and city ad valorem tax revenue to specified core services.
This affects $811.7 million in Orange County that would go toward funding general local services such as operations of parks and libraries and police and fire departments.
Overall, the state could experience a loss of $4.95 billion during fiscal year 2027-28 and $8.77 billion by 2028-29.
Any immediate changes to the law would likely be met with separate tax increases and inflated fees at the city and county levels to make up for fiscal shortfalls, experts told Orlando Business Journal.
Voters will decide the amendment’s fate Nov. 3. A 60% approval at the ballot box is needed for the measure to become a permanent state law beginning Jan. 1, 2027.
Read the full news article on the Orlando Business Journal