As Florida voters consider Amendment 3 on the November ballot, The Palm Beach Post is seeking information about how the proposal could affect taxpayers, local governments, public safety agencies, special
districts and the broader economy in Palm Beach County.
The amendment would expand homestead tax exemptions, reduce future growth in some property tax assessments and place new constitutional restrictions on how certain property tax revenues may be used.
The Palm Beach Post asked county government to tell us what the impact would be if the referendum was approved by voters. The answers to the following questions were provided by John Jamison, a spokesperson for Palm Beach County government.
How much property taxes will the county lose immediately and in the coming years?
At the current millage rate, assuming no property value increases, projected property tax losses are $141 million in fiscal year 2028 and an additional $107 million in fiscal year 2029 for a total of $248 million. Beyond fiscal year 2029, it is unknown because the exemption could increase after that, but if there is no increase, the $248 million would continue annually.
How do you intend to make up for the lost revenue?
This is not known; it could be increased millage to the rollback rate, which would keep existing property tax revenues flat. The only increase would be for new construction. It could be that budget reductions would result in a reduction in service levels. There could also be additional fees that are not based on property taxes.
Would fees for parking, recreation, permitting or utilities rise?
This is not known; additional fees could be considered by the county commission.
Would renters, condo owners and businesses ultimately pay more? If so, how?
The county could increase the millage rate to the rollback rate in fiscal year 2028 and fiscal year 2029. That is because the rate would have to increase just to bring in the same amount of revenue as the previous year.
What new revenues would you be looking at to make up for the loss?
This is not known; additional revenue sources could be considered by the county commission.
What decisions could become more difficult or restricted?
Reducing service levels, increasing fees, maintaining capital projects or maintaining capital investments
Mike Diamond is a journalist atThe Palm Beach Post, part of the USA TODAY Florida Network. He covers Palm Beach County government. You can reach him at mdiamond@pbpost.com. Help support local journalism. Subscribe today.
This article originally appeared on Palm Beach Post: How Amendment 3 might affect Palm Beach County services
