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Wide-ranging Florida tax relief proposal defeated

6:52 AM, Nov 7, 2012   |    comments
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TALLAHASSEE, Fla. -- A wide-ranging property tax relief proposal has been rejected by Florida voters.
    
Amendment 4 failed after receiving only 43 percent of the vote with most ballots counted Tuesday. All state constitutional amendments need 60 percent approval.
    
Real estate interests promoted Amendment 4 as a boost to Florida's economy. Local officials opposed it, arguing the amendment would cut services and raise taxes for those who don't benefit from the measure.
    
It included a 5 percent annual assessment cap for businesses and second homes and an additional exemption for first-time primary home buyers.
    
The proposal also would have let the Legislature undo a quirk that increases homeowners' tax bill if their property value goes down. It's part of the existing Save Our Homes provision, which caps annual assessment increases at 3 percent.

Associated Press

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