Amendment 2, Limitations on Property Tax Assessments
[2 min read time]
[2 min read time]
Voting YES on Amendment 2 protects taxpayers from large, sudden increases in property taxes in the future when the value of properties rises in boom years. This serves to benefit all of Broward County, just as voting YES on the Penny Sales Tax question aims to.
This mostly impacts non-homestead property assessments by limiting the property tax to 10% of the assessed value from the previous year. Non-homestead properties include 2nd homes, rental properties, vacation homes, vacant land, and commercial property.
Now, before you think this is a “rich man getting richer” sort of deal, think again. Amendment 2 will, in fact, serve to benefit young professionals and middle-income households that rent and live in Broward County more than any other demographic.
Here’s why: if the taxes for commercial real estate (i.e., small businesses) goes up then their prices must also go up in order to stay competitive in the market. Guess who has to pick up the added costs? That’s right, you, the consumer. Now, the money you budgeted for dry cleaning, groceries, and your lunch isn’t as substantial. Worst case scenario, these businesses are unable to compete with rising prices and have to close their doors for good, which counteracts all of the positive development we have experienced in the last few years.
Similarly, if the property taxes for rental properties increases, the renter is the one who faces the backlash. This can come in the form of increased rental costs, added fees, and more costly signing requirements.
That’s the funny thing. There aren’t any. The only reported con is that “there is no organized opposition,” which goes to show that voting YES on Amendment 2 is the smart decision. Ironically, the Broward County Property Appraiser is urging us all to vote YES. Probably because he is not the one who spends money, it’s the politicians.
On November 6, it is important that we vote to preserve the outstanding quality of life we enjoy every single day here in Broward County. Both of these ballot questions serve to protect and benefit our local workforce, as well as young professionals, local businesses, and new families moving to the area.
In short, voting YES on Amendment 2 will not only preserve the quality of life we prize so highly, it will also enhance it for all of us and the generations to follow.