Everybody is for Amendment 2, Keep the Affordable Housing Crisis from Getting Worse!
As a real estate professional, you know the importance of solving the affordable housing crisis. At the crux of this crisis are cost-burdened home-owners, those who spend 40 percent or more of their household income on rent or a mortgage. State decision-makers, local community action groups and individuals are all working to help neighbors like these make ends meet. In the meantime, there’s something Florida voters can do to help the housing crisis from getting worse: vote “yes” on Amendment 2 this November.
What’s at Stake?
A decade ago, Florida voters approved a law that placed a 10 percent cap on annual property tax increases for non-homestead properties, including home and apartments rentals, business and commercial parcels, and vacant lots.
Because of that protective tax cap, apartment complexes and landlords are better able to predict their budgets, which allows them to keep their rental rates as close to the previous year as possible. This encourages renters to stay and, hopefully, to save money for a down payment on a home.
How Will ‘Yes’ Help?
If Florida voters don’t act, this beneficial tax cap will expire this year. Before Florida voters approved the cap in 2008, 30 perfect of non-homestead properties were hit with an 80 percent tax increase in just one year. And, nearly three out of four non-homestead properties suffered a more than 10 percent annual tax increase.
Put simply, prior to the cap becoming law, the tax system in Florida was unfair, literally punishing non-homestead property owners and those renting from them.
If Amendment 2 fails, $60 billion in property value will not be protected, allowing rental rates to spiral out of control. The housing shortage in Florida will become worse, forcing current residents to seek homes and jobs out of the state. Seniors living on fixed incomes who pay to live in a dependent living facility will be especially devastated.
Voting “yes” on Amendment 2 this November will make that tax cap permanent, helping to protect all Floridians and giving the state the time it needs to address its affordable housing crisis.
Want to see who is going to be affected and where in Florida? Click Here to view the map! Ready to take the plunge and purchase your very own Central Florida Home? Contact us today and one of our experienced agents will happy to help answer any questions you have about the buying process.