As Florida voters consider Amendment 3 on the Nov. 3 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 following answers are from Delray Beach and the Palm Beach County Property Appraiser's Office.
How much would the average homeowner in Delray save?
A homeowner with a home whose taxable value is $500,000 already gets a $50,000 discount from the current homestead exemption. It would triple to $150,000 in 2027 if voters approve Amendment 3.
Starting
Oct. 1, Delray Beach's property tax rate will be about $6.35 for every $1,000 of taxable value. So the home's tax payment to the city would drop to about $2,223 in 2027 from $2,858. Those savings do not account for taxes that would no longer go to other publicly funded entities such as the Health Care District of Palm Beach County.
How much revenue would Delray lose?
More than $8.3 million in 2027, the Palm Beach County Property Appraiser's Office projects.
The impact of Amendment 3 on Delray Beach is "to be determined," City Manager Terrence Moore said, "as the City of Delray Beach will ultimately continue both revenue and expenditure analyses to determine impacts to services, programs, and projects."
Email news tips and article ideas to Chris Persaud at cpersaud@pbpost.com.
This article originally appeared on Palm Beach Post: What Amendment 3 means for Delray Beach homeowner savings
