Florida Policy Institute has released a calculator that allows residents to see how Amendment 3 would affect funding in their local governments.
If it passes this November, the homestead tax exemption would increase to $150,000 in 2027 and then $250,000 in 2028. For many homeowners that could mean they'd only have to pay school-related property taxes.
But the Florida Policy Institute's calculator shows funding for local governments could shrink by nearly $14 billion in the first two years.
Rita Jefferson, a senior analyst at the Institute on Taxation and Economic Policy, says that means communities will likely have to cut services that Floridians depend on.
"Your cities, your counties, your water management districts, all kinds of special services that people in Florida rely on every day," Jefferson says.
The calculator allows residents to enter their zip code or choose a county. It then creates a breakdown of how much each levying authority stands to lose. That could include the city or county government and in some cases special districts like libraries and mosquito control.
For example, in Jackson County, the calculator shows almost $10 million will be lost in the first two years. County operations would be impacted, along with funding for programs and services as well as the Northwest Florida Water Management District.
"With the loss of property tax revenue, communities will have to find ways to make up the gap, either by cutting or eliminating services or finding other fees and assessments to raise the money to maintain those services," says Florida Policy Institute CEO Sadoff Knight.
Knight says the reason for the calculator is to help educate residents before they head to the voting booths.
"We are facing a very real affordability crisis, but Floridians should know that cutting property taxes and putting funding at risk for so many critical local services is not the solution for our affordability challenges," Knight says.
Residents will have the opportunity to weigh in on Amendment 3 this November. The proposal will need approval from 60% of voters to pass.
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