Loading
A recent economic impact study shows cities, counties, school boards and special districts statewide most likely losing about $40 million in property tax revenue every year if Amendment 4, the “Vote on Everything” state constitutional amendment, passes. (See table.)
Amendment 4 requires voters to approve every change to local comprehensive plans meaning higher election costs too.
The eight Gulf Coast counties from Collier to Pasco would lose a total of $11.2 million a year.
But the study's authors also point out that local government revenue losses could be much higher because the $39.1 million figure is based on 2009's “depressed state of construction activity.” In a normal year, local governments statewide could lose $227 million annually in ad valorem revenue.
Prepared by the Haas Center for Research and Economic Development for Florida TaxWatch, the study also claims the state will also lose substantial tax revenue because of lower levels of economic activity due to reduced revenues from sales tax, real estate transactions and corporate income tax. In the first year, the study estimate the state would lose $1.76 billion in state tax revenue, climbing to $2.46 billion in six years.
The study considered three possible impact scenarios and says the worst scenario, a 20% impact, is the most likely. That scenario also shows the state losing more than 250,000 jobs and $18 billion in income due to Amendment 4.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
