TALLAHASSEE, Fla. – Opponents of Amendment 5 filed a lawsuit late Thursday claiming that it’s “misleading” and “reckless.”
However, FAR Vice President of Public Policy John Sebree says he doesn’t have a problem with the lawsuit, and it was expected. He “looks forward to a final ruling” so that FAR can move forward and “organize the education component of our plan to pass Amendment 5 and lower property taxes by about 25 percent.”
The association appreciates the amendment process. “Florida Realtors worked hard to make it more difficult to amend the Florida Constitution, so we think it should be tough to change,” says Sebree, referring to an earlier FAR effort to increase the percent of voters required to pass an amendment from 50 percent to 60 percent.
Amendment sponsor Sen. John McKay, meanwhile, finds it “sort of sad that special interests want to deny Floridians a cut in property taxes. That’s what this is – special interests trying to preserve their own advantages at the expense of the property taxpayer.”
Barney Bishop, president and CEO of Associated Industries of Florida, joined the lawsuit to oppose the amendment. He says it “jeopardizes the economic growth of our state” because companies considering a relocation to Florida won’t be able to calculate the taxes they’ll be forced to pay. “This reckless venture sends a signal to the business community everywhere to avoid relocation or expansion of business operations in Florida,” says Bishop.
Orlando economist Hank Fishkind disagrees, however. He says that passage of Amendment 5 would create 72,000 jobs, increase property values by some $80 billion and pump about $6.9 billion into home construction. “Overall, I think it would be very positive for the economy,” says Fishkind.
If approved by 60 percent of Florida voters on Nov. 4, Amendment 5 would cut the average property tax bill by about 25 percent by putting the onus for school funding back on state lawmakers rather than relying, in part, on a “required local effort” by city and county governments.
For Talking Points and information on FAR’s campaign to pass Amendment 5, visit floridarealtors.org at: http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm
© 2008 FLORIDA ASSOCIATION OF REALTORS®
