Amendment 1 fails: No increase in homestead exemption for certain Florida residences
Amendment proposed tax break on homes worth more than $100,000
Amendment 1, which would have provided an increased tax break on certain homes worth more $100,000, failed to get the necessary 60 percent of the vote required to pass.
By 11 p.m. Tuesday, it had only garnered 58 percent of votes.
The amendment would have increased the homestead exemption -- a tax break available for homeowners who live on the property -- by $25,000 for the first $100,000 of value, up to $125,000. A $200,000 home, for example, would see the exemption change from $50,000 to $75,000.
Floridians can click here to see how the taxable value of their home would have changed if the amendment had passed.
Opponents of the amendment noted that the lost property tax revenue would have negatively impacted certain public services. Orange County officials said that they expected to lose $25 million in property tax revenue had the amendment passed. The county itself would have lost about $16 million, fire services would have lost $5 million and the Sheriff's Office would have lost the remaining $4 million, officials said.
Proponents of the amendment said that approximately 60 percent of Florida homeowners would have benefited from the tax break, saving about $750 per year in property taxes.
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