A proposed property tax amendment on the state’s general election ballot could bring relief to Florida homeowners, but Waldo leaders warn that the ballot measure could impact city services and programs due to lost revenues.
In June, the Florida Legislature approved a property tax measure that could drastically reduce property taxes for homeowners, but could cost local governments across the state billions in lost revenues. The proposal, which needs a 60% approval by Florida voters by Nov. 3, would amend the state’s non-school homestead tax exemption from $50,000 to $150,000.
The city of Waldo, located in east Alachua County, is home to around 1,303 residents. The small city is expected to lose almost $50,000 in tax revenue if the amendment is passed. A $250,000 homestead tax exemption could reduce Alachua County’s property tax revenue by more than $48.9 million, according to county estimates…