Miami Beach Mayor Steven Meiner says the city is financially prepared to absorb the effects of Florida's newly approved Amendment 3
Miami Beach Mayor Steven Meiner says the city is financially prepared to absorb the effects of Florida's newly approved Amendment 3, which will expand property tax exemptions for homeowners while reducing the annual assessment cap on other properties.
In a statement posted Friday on X, Meiner said the city had planned ahead for the changes and would continue providing services without compromising its financial stability.
Amendment 3, approved by Florida voters Tuesday, increases the homestead exemption for non-school property taxes from $50,000 to $150,000 in 2027 and $250,000 beginning in 2028. It also cuts the annual assessment increase cap for non-homestead properties, including many rental and commercial properties, from 10% to 5%.
Meiner said the changes could slow the growth of Miami Beach's property tax base by as much as $15 million annually.
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