TAMPA, Fla. (WFLA) — Most voters are aware of the marijuana and abortion amendments on the ballot. However, there are lesser-known amendments voters are noticing during early voting.
One of them is Amendment 5. This calls for part of the homestead exemption to be adjusted to account for inflation starting in 2025.
Abby Hall Blanco is an associate professor of economics at the University of Tampa.
“For the average homeowner in Florida, it may not make much of a difference,” Hall Blanco said. “Projections suggest that the average homestead exemption taxpayer would have about $7 of savings the first year.”
Hall Blanco said taxpayers could save an average of close to $40 by 2030.
One of the $25,000 homestead exemptions would be impacted by the inflation rate, if the amendment passes.
“This could provide some relief, particularly homeowners who have been in their houses for a while,” Hall Blanco said.
Supporters argue it could encourage more people to own homes while saving money but critics fear if one group saves money, then others may be forced to pay more. The economics professor explained who critics believe could see their bills go up.