Rick Patrick
rick@greenepublishing.com
In an effort to help voters make an informed decision regarding the proposed amendments to the Florida Constitution, Madison County Clerk of Courts, Billy Washington, and Madison County Attorney, Tom Reeves, gave a presentation to interested voters on each of the three proposed amendments. In explaining the three proposed amendments, Reeves gave some background information on each and spoke about the potential impact each would have.
The first amendment asks if the state’s Budget Stabilization Fund should be raised from the current 10 percent of the previous year’s general revenue to 25 percent. The Budget Stabilization Fund can be thought of as a “rainy day fund” that could be tapped into in case of emergencies or unexpected shortfalls. The proposed amendment calls for the legislature to transfer $750 million into the Fund each year until it reaches 25 percent. In his explanation, Reeves suggested that by putting aside the $750 million each year, it may take many years to reach that 25 percent mark, if it is ever reached. Reeves said one thing to consider is what budget adjustments will have to be made in order to put that $750 million aside.
The second amendment would exempt tangible personal property (such as machinery, equipment, tools, etc.) used in agricultural production or agritourism from property taxes. This could have a significant impact on Madison County, due to the amount of agribusiness in the County. It was unclear, in terms of exact numbers, how much the impact on revenues for the County would be.
The third amendment is one many people have been talking about. That is the amendment that would increase the homestead exemption on non-school property taxes from the current $51,411 to $150,000 in 2027, and $250,000 in 2028. This could have a very significant impact on Madison County, since much of the funding for county services comes from property taxes. According to information provided by Washington, from the Revenue Estimating Conference-Revenue Impact Estimate, Madison County would receive $1.9 million less in funding in the first year, if Amendment Three is passed. In fiscal year 2028/29, Madison County’s shortfall would increase to $2.64 million, when the homestead exemption increases to $250,000. The recurring annual impact by fiscal year 2031/32 would be $3.21 million less for Madison County.
Washington shared that in fiscal year 2026/27, the total general fund revenue for Madison County is expected to be $20,003,378. The portion of that revenue that comes from Ad Valorem taxes (property taxes) is $11,972,225. If Amendment Three passes, the anticipated fiscal year 2027/28 revenue from Ad Valorem taxes would be an anticipated $10,032,225. This amounts to a $1,940,000 impact for Madison County, should the amendment pass. Regardless, the County would still have to fund things such as the Sheriff’s Office, courts, etc. If the County is faced with less revenue, the County may have to look at cutting, or eliminating entirely, funding for the Parks and Recreation Department, the Library, assistance for Senior Citizens, economic development, Veterans’ services and more.
According to Florida TaxWatch, the estimated annual savings for the average Madison County homeowner would be $883, at the $150,000 exemption for the first year, if Amendment Three is passed. At the $250,000 exemption, the average Madison County homeowner would save $1,779. Those homeowners whose property has an assessed value under the exemption level would pay no property taxes to the County. They would still pay school property taxes, since Amendment Three only addresses non-school property taxes. More information about the impact, including comparisons from county to county, can be found at floridataxwatch.org.
For any of these amendments to become part of the Florida Constitution, they will have to receive approval from at least 60 percent of the Florida voters.
A replay of the presentation by Reeves and Washington can be seen on the Greene Publishing, Inc. Facebook page.
Early voting in Madison County begins on Saturday, Oct. 24 and will continue until Saturday, Oct. 31. Election Day is Tuesday, Nov. 3. For more information on voting in Madison County, please visit the Madison County Supervisor of Elections at votemadison.com.