Amendment 5 Would Tie Florida’s Homestead Tax Exemption to Inflation
Florida voters will decide in November whether to amend the state constitution to tie the homestead property tax exemption to inflation.
The measure, known as Amendment 5, would increase the homestead exemption from $25,000 to $50,000 and index it to inflation.
This means that the exemption would increase each year by the same percentage as the Consumer Price Index, a measure of inflation.
Supporters of Amendment 5 say it would provide much-needed relief to homeowners, especially those on fixed incomes.
They argue that the current exemption is too low and that it has not kept pace with rising property values.
Opponents of Amendment 5 say it would be too expensive and that it would benefit wealthy homeowners at the expense of renters and businesses.
They also argue that it would make it more difficult for local governments to raise revenue for essential services.
The Florida Chamber of Commerce and the Florida Association of Counties are among the groups that oppose Amendment 5.
A recent poll by the University of North Florida found that 53% of likely voters support Amendment 5, while 47% oppose it.
The poll also found that support for Amendment 5 is higher among older voters and homeowners.
