Amendment 3 proponents are outspending the competition at a ratio of 38-to-1, marking it as one of the most expensive ballot initiatives nationwide this election, according to OpenSecrets.
OpenSecrets, a Washington, D.C., independent research group that tracks money in U.S. politics, has reported that the issue is not only one of the most expensive but also the most lopsided.
The total spent on the amendment's campaign has come to nearly $18 million, through Sept. 25, according to OpenSecrets, with all of the money coming from one group: Florida Realtors.
Flyers from the Orlando-based trade association, which represents real estate agents across Florida, began reaching Palm Beach County homes this week.
Amendment 3 would expand homestead property
tax exemptions, reduce the growth in some property tax assessments and place new constitutional restrictions on how certain property tax revenues may be used.
The referendum would increase the homestead property-tax exemption to $150,000 in 2028 and then to $250,000 in 2029 from its current level of $50,000. The moves would not affect school taxes.
Supporters say passage of Amendment 3 would provide meaningful tax relief and promote fiscal discipline among local governments
Critics contend it could reduce revenues that support local services by millions of dollars per year and limit the budget flexibility local governments traditionally exercise under Florida's home-rule system.
The opponents have spent $472,379, raised by two political committees, the Miami-based Floridians for Shared Prosperity and the Tampa-based Vote No on 3 Florida
The loss of millions in property tax revenue would hit local governments' wallets hard. Many rely on that money to pay for everyday happenings such as fire rescue, libraries, park and recreation, even solid waste.
Locally, Palm Beach County officials warn that savings reaped by residents via an Amendment 3 property tax cut might be partially offset by increased fees to replace lost revenue. Palm Beach County Fire Rescue, for example, has discussed creating one to pay for its operations, saying it fears a loss of $100 million or more.
Arianna Otero covers breaking news and real estate for The Palm Beach Post. Contact her via email at AOtero@pbpost.com and follow her on X: @ari_v_otero.
This article originally appeared on Palm Beach Post: Amendment 3 supporters outspending opponents 38-to-1, study finds
