Amendment 3 will save Miami-Dade residents homeowners $2,700 in 2028.
Florida has passed Amendment 3 with 62% of the statewide vote, which increases the amount of an owner-occupied home that is exempt from taxes, writes Allison Beck for Miami New Times. The bill will save Miami-Dade residents homeowners $2,700 in 2028, but slashes $1.5 billion from the county’s budget.
The Amendment protects “core services” from having their funding cut, such as flood control and infrastructure, “leaving libraries, public transit, parks, animal shelters, homeless services, cultural celebrations, and local grant programs at greater risk,” Miami New Times reports.
To make up for the loss, county officials may raise taxes and fees, the burden of which could fall on renters. According to the Economic Policy Institute, the Amendment may also eliminate 12,000 jobs, triggering the largest layoffs in county history.
Read the full story: What new property tax cuts mean for Miami politics, services
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