There are many local issues that are on the ballot this election season, with many directly affecting homeowners and renters in the Orlando area. From raising sales tax to changing elements of your property, let’s talk about what’s on the ballot this year. If you haven’t registered to vote, or received a vote-by-mail ballot, click on either of the buttons below!
1. Amendment 1 – Flood Resistance Improvements in Property Value
The first amendment on the ballot is located in the Florida Constitution Article VII, Section IV. If a homeowner changes any aspect of the property that resists the likelihood of flood damage, this home is then reassessed the following year at a higher rate due to the improvement and/or addition to the home. In turn, this causes the homeowner’s taxes to increase.
This year, however, the state decided to add this on the ballot to possibly remove this assessment on the home due to the nature of its purpose – to prevent flooding versus a cosmetic addition.
Read more about this Amendment here.
2. Amendment 3 – Homestead Property Tax
The third amendment would provide up to a $50,000 homestead tax exemption for our hometown heroes here in Orlando. This would include teachers, law enforcement officers, correctional officers, firefighters, EMT’s, paramedics, child welfare services professionals, Florida National Guard members, and active duty members of the US Armed Forces.
In turn, this would mean that any of these individuals with a home valued over $100,000, would have the opportunity to get up to $50,000 tax deferred on their home in the area. If passed, this would be in addition to the $50,000 homestead tax exemption that all other homeowners receive.
Read more about this Amendment here.
3. Orange County +1% Tax
This next one focuses more specifically on Orange County and its residents this election season. Beginning next year, the state is proposing an additional 1% sales tax in Orange County for the next 20 years, to raise from 6.5% to 7.5%. These extra funds would then be funneled to a trust specifically focused on transportation and transit improvement in the county.
With the amount of new homeowners and people moving to the area, more traffic comes with it. If this additional tax is passed, this trust would ensure that there are funds for road and transportation improvement to assist with the growth that Orlando has been seeing.
Although this may sound like a small change for a big difference along the line, there are residents who are against this new tax. From food to other necessities, everything is already so expensive that even 1% will just add to the lack of affordability in the area. Since real estate numbers have been going up, there are questions as to why not use the extra money there instead? Do you think this tax would really make a difference?
Read more about this tax proposal here.
4. Orange County Rent Stabilization Ordinance
For all of the Orange County renters out there, this would provide more stabilization when it comes to rent increases over time. I’m sure as many have seen, rent prices have skyrocketed over the past few years, with some paying hundreds of dollars more per month from year to year.
This ordinance would limit rent increases for one year for rental units in multifamily structures, only allowing it to be raised in conjunction with the increase in the Consumer Price Index. Landlords do have the opportunity to request an exception, however there would be a process through the County.
What does this mean as an investor?
As an investor, this ordinance is not necessarily the best since pricing will be basically fixed and there is no promise of a large return on investment. In turn, this may cause investors to back out of Orange County in general for other areas. However, the state of Florida has a law in place that doesn’t allow counties to do rent stabilization, other than times of emergency. Currently having some of the highest inflation rates in years, the county is trying to propose this just for a year to make renting just a little more affordable for residents.
Read more about this ordinance here.
Overall
There are many factors that go into voting yes or no on a ballot, especially when it could directly impact you as a homeowner. We hope that providing the insight on these helps, and give you enough knowledge to vote as an Orlando resident.
What do you think about any of these items to vote on this election season? Do these affect you?
The Orlando Real is sponsored by The Pozek Group. If you’re thinking of buying or selling a home in Orlando, reach out and we would love to help!
Leave A Comment