Amendment 4 Information

This voting year will offer many options to Florida residents, some of which will greatly affect their financial welfare. Amendment 4 is one of these choices that will change the economic climate in Florida for years to come. Voting yes on Amendment 4 will help homeowners as well as small businesses throughout Florida, giving Floridians the ability to limit the ever-increasing property tax hikes to a reasonable amount.

Florida is dependent on the success of its large housing market, as this is a major draw for many businesses and individuals. The recent recession, however, has greatly impacted this market. Florida voters will have a chance this year to help support the housing market, which will act to increase growth and new opportunities.

Amendment 4 is all about freedom for Florida's legislature. Right now, they are bound by the “recapture” law, which means that property tax can go up even if the value of the property deteriorates. This will require some property owners to pay more taxes on undervalued property. This can all be stopped by voting yes on Amendment 4, allowing the legislature to act in the interests of property owners.

Amendment 4 will reduce the assessment hike cap from ten percent down to five percent on non-homestead properties every year. Such a move will give small businesses an edge when it comes to property, affording them some fiscal breathing room. Helping out small businesses in Florida will help everyone in the state, as small businesses play a major role in the local economy. Small businesses account for four out of every five jobs created in Florida. Protecting them through Amendment 4 means protecting the number one job creators. More savings in taxes for these small businesses means more money they can use to expand and create more jobs, giving back to the community. Prices will drop for consumers and employees will be paid higher wages.

Not only will Amendment 4 help businesses already established in Florida but it will also attract out-of-state businesses to invest in the local economy. New businesses in the state mean more economic growth. According to Florida TaxWatch, a watchdog organization keeping an eye on Florida taxes, Amendment 4 should increase the GDP of Florida by nearly 929 million dollars possibly help to create 19,000 jobs during a ten year period.

Florida Taxwatch has also found that Amendment 4 will increase the selling of new homes by as much as 384,000 in ten years. This would be a huge boost to the Sarasota Real Estate market, especially during these economic times. Abandoned foreclosures will also be reduced by Amendment 4, helping to stabilize property values in Florida. Amendment 4 means more money for more people, in the amount of around $5.3 billion.

The housing market in Florida used to be a major boon to the local economy, However, with the national economic downturn in recent years, it has become a major liability. Amendment 4 is a good first step in turning this trend around by increasing the amount of property sales, property value and jobs available to the people of Florida.