October 30, 2024

Amendment 5 (2024): Potential Revenue Loss in Florida by County

Under Amendment 5, “Annual Adjustments to the Value of Certain Homestead Exemptions,” the state’s second homestead exemption and any similar future ones would be adjusted annually for inflation growth. 

Amendment 5 would directly impact an average of 4.3 million households each year by offering an average property tax savings of $20 over the first five fiscal years of implementation. Over the same time period, as a combined total, these subsidies would cost local governments across Florida approximately $406 million, and by the fifth year of implementation, the inflation adjustment would cost Florida’s local governments $140 million annually. 

In order to balance county budgets under Amendment 5, local governments would have to either cut programs and services or raise taxes to make up for the lost property tax revenue. Florida Policy Institute’s map below shows an estimate of how much in property tax revenue each county would lose during the first five years of Amendment 5 implementation.

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