As we gear up for election season this November, it’s crucial to understand each of the six proposed state constitutional amendments appearing on Florida’s ballot and their potential impacts. In our last two editions, we previewed Amendments 1 & 2 and Amendments 3 & 4 and here we examine the last two amendments – Amendments 5 & 6. We offer this brief guide to the 2024 ballot initiatives to help you make an informed decision for the future of the Sunshine State.
Amendment 5, if passed, will mandate annual inflation adjustments to the value of homestead tax exemptions. It would apply to the second of the two current $25,000 exemptions that homeowners enjoy on their principal residence to help lower their taxable property value. As an example, with an 8% inflation rate, the second exemption would go up to $27,000. As inflation continues to hike home values across the Sunshine State, many homeowners have asked for help with home affordability and a further break from these taxes. Proponents think the measure will do exactly that – reducing property tax liability and help people keep their homes. Others worry about the reduction of government revenue from these tax dollars which may force local governments to make up the lost change through other taxes. One thing is for certain, home values across the state will not be going down anytime soon, and legislators have placed Amendment 5 on the ballot to address exactly this issue.
Amendment 6 was also placed on the ballot by the legislature and would repeal a current provision in the state constitution that allows for publicly funded campaigns for many state positions if the candidate agrees to limit their spending and allow a post-election audit. The list of offices currently includes Governor, Lieutenant Governor, Attorney General, Chief Financial Officer, and the Commissioner of Agriculture. A vote yes would repeal the financing requirements, effectively ending publicly funded political campaigns with supporters arguing taxpayers should not have to help fund election campaigns and the money could be freed for other purposes. Opponents argue public campaign financing helps level the playing field for candidates who lack the financial resources or political connections often needed to run for office.
All proposed amendments to Florida’s constitution require a 60% majority vote to be approved. Election Day is Tuesday, November 5. We urge all readers to exercise their right to vote and make their voice heard in the 2024 election.
See you on the trail,
Lisa
