Lost in the excitement over the presidential primary, Florida residents on Tuesday also voted to approve a property tax cut that will unfortunately do nothing to eliminate the increasing unfairness in the state tax system.
Florida already has property tax "caps" which create strange inequities between long-time homeowners and more recent homeowners or new residents. The measure approved on Tuesday includes more tax cuts almost exclusively for Florida homeowners, while renters and businesses should expect to see little change -- aside from future budgetary crunches, since this tax cut is unfunded.
One of the largest components of the cut doubles the amount of a home's value that homeowners can exempt from taxation. Another is a new option for homeowners to continue to enjoy accumulated property tax savings upon changing residences. This measure neglects newcomers to the state while carefully guarding the property tax advantages enjoyed by long-time residents. In fact, it appears so discriminatory and inequitable that lawsuits have already surfaced challenging its constitutionality.