Marty Kiar, Broward County Property Appraiser, presented information to the Galt Mile Community Association about the impact Amendment 3 could have on our county and cities.
Amendment 3, which will be decided by voters on November 3, reduces homesteaded property taxes by increasing the fixed exemption, while at the same time reducing revenues to Broward County and all its cities. Local governments depend on property taxes to fund a significant portion of government operations.
If approved by 60% of the voters, the exemption for non-school taxes would increase from $50,000 to $150,000 in 2027, to $250,000 in 2028 and indexed for inflation at that. Owners moving into Florida after January 1, 2027 and homesteading property would have to wait five years before the increased exemption would apply to them. Non-homesteaded properties (rental units, non-resident owners and business properties) would have the cap on assessed values reduced from 10% to 5%. Annually. Certain government functions would be mandated to be funded, while many others would be optional.
Marty’s analyses shows that Broward County would lose in 2027 $194,858,225 in property tax revenues or 10.8% decrease in revenues, and in 2028 would lose $333,790,234 or 18.5% decrease in revenues. Fort Lauderdale would lose $14,588,059 in 2027 and $25,952,145 in 2028. Lauderdale By The Sea would lose $8221,517 in 2027 and $1,553,601 in 2028.
Losing funding include Broward Hospital $50,000,000; water management $150,000; children services (approved by voters) $27,000,000 and others.
Marty made the case that passage of Amendment 3 would have a serious impact on local government funding, and give the state the ability to direct how local governments can and must spend their money. The alternative is for local governments to increase user fees and per capita taxes on non-homesteaded properties.
We thank Marty for sharing this important information. Click here to see a copy of the PowerPoint presentation prepared by Marty detailing the fiscal impact of Amendment 3. We appreciate Marty sharing this information with us and thank him for his service as Property Appraiser.
