On Tuesday, Florida Constitutional Amendment 1 was approved by Florida voters with 64% yes and 36% no. Expected to cut taxes $9.3 billion total, Amendment 1 will double the current homestead tax exemption from $25,000 to $50,000, it will allow portability so that homeowners can transfer their Save Our Homes tax benefits, provide a 10% assessment cap on ALL properties (including rental homes, second homes, business properties, etc.), and it will include an exemption on the first $25,000 from taxes for tangible personal property for business owners.
Those opposing the Amendment claim that if passed, important public services such as fire protection and law enforcement would suffer. In addition, the public school system would be under funded.