In advance of the upcoming general elections on Tuesdayjlbet, Nov. 5jlbet, 2024, the Editorial Board interviewed and researched candidates to better understand their views on various issues and how their policies will affect their constituents. The goal is to give voters a better idea of who’s the best candidate for each race.

Amendment 5 on the November ballot is a reasonable proposal that would give Florida homeowners greater benefit from their homestead tax exemption — and a bit of relief they could really use, given our housing affordability crisis.

Homeowners in this state are allowed a homestead exemption of $25,000 from all property taxes and another $25,000 exemption on the value of property between $50,000 and $75,000, except on taxes levied for schools. The exemptions apply if you live in your home.

Amendment 5 would apply to the second $25,000 exemption. The amendment would adjust the amount of the exemption based on the inflation rate — meaning, under current conditions, the amount of the exemption would rise, a win for homeowners. Every year, the state would adjust the amount of the exemption based on any increase in the Consumer Price Index. If inflation went down, there would be no adjustment.

The Florida Legislature put this constitutional amendment on the ballot. To pass, it must be approved by 60% of voters.

Supporters say this is a tax relief measure, especially for those on a fixed or lower income. Critics say it will deprive local governments of money and also of a reliable income stream, since the exemption amount could be adjusted each year. And this measure could shift more of the tax burden onto non-homesteaded properties and businesses. Florida does not have an income tax so it mostly relies on property taxes to fund government operations.

The potential losses to non-school local government revenue would be about $23 million statewide next year and about $112 million by 2029. That’s not a particularly large amount for government spending spread across the state. Also, local governments can raise taxes if they feel too much of a pinch.

It must be noted that this is not likely to be a particularly large benefit for homeowners, though. If the inflation rate was 4%, homeowners would see a similar increase in their homestead exemption.

At its heart, this is an issue of what’s fair for taxpayers. The value of the tax exemption has dropped since it was approved in 2008 as property values have gone up. This amendment helps to give homeowners more of what they signed up for 16 years ago.

The Miami Herald Editorial Board recommends YES on Amendment 5.

In advance of local and state elections, Miami Herald Editorial Board members interview political candidates, as well as advocates and opponents of ballot measures. The Editorial Board is composed of experienced opinion journalists and is independent of the Herald’s newsroom. Members of the Miami Herald Editorial Board are: Amy Driscoll, editorial page editor; and editorial writers Luisa Yanez and Isadora Rangel. Read more by clicking the arrow in the upper right.

The Miami Herald Editorial Board interviews political candidates to better understand their views on public policy and how their policies will affect their constituents. Board members do additional reporting and research to learn as much as possible about the candidates before making a recommendation. The Editorial Board then convenes to discuss the candidates in each race. Board members seek to reach a consensus on the recommendations, but not every decision is unanimous. Candidates who decline to be interviewed will not receive a recommendation.

No. In making recommendations, members of the Editorial Board consider which candidates are better prepared to represent their constituents — not whether they agree with our editorial stances or belong to a particular political party. We evaluate candidates’ relevant experience, readiness for office, depth of knowledge of key issues and understanding of public policy. We’re seeking candidates who are thoughtful and who offer more than just party-line talking points.

This story was originally published October 7, 2024, 11:10 AM.

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In advance of the upcoming general elections on Tuesday, Nov. 5, 2024, the Editorial Board interviewed and researched candidates to better understand their views on various issues and how their policies will affect their constituents. The goal is to give voters a better idea of who’s the best candidate for each race.

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