Florida cities and counties are working through the effects of Amendment 3 after voters approved the constitutional amendment that’s intended to provide property tax relief to qualifying homeowners with 62% support. Municipalities are discussing spending cuts, adding fees, or a combination of the two to make up for the property tax revenue they could lose.
Amendment 3 changes how much of a primary residence’s assessed value can be exempt from certain property taxes. The homestead exemption increases from $50,000 to $150,000 in 2027 and $250,000 in 2028. Some qualifying homeowners will see their property tax bills decrease as a result. Sanford is among the cities evaluating how to respond to the potential revenue loss. Property tax revenue accounts for about55% of Sanford’s $85.6 million dollar general fund budget. That money helps pay for police and fire services, public works and infrastructure like road maintenance and storm systems, as well as parks and recreation upkeep and operation. At a work session on Monday, the city commission talked about what to do when that revenue changes. They discussed potential cuts to the budget as well as the possibility of a new fire assessment fee to help pay for fire services. Commissioners have not decided on whether to impose that fee but agreed to study the potential costs and benefits.
Sanford is not alone in weighing those types of decisions. At the Orlando City Council meeting Monday, Mayor Buddy Dyer discussed steps they’re taking now, ahead of the amendment’s implementation next year…