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.