Amendment 2, explained

Commitment 2018 is taking a closer look at the amendments on the ballot this year, and bringing voters a complete rundown to make sure they understand what they each mean before heading to the polls.

Amendment 2 is a close companion to Amendment 1.Amendments 1 and 2 both deal with property taxes. Both initiatives were put on the ballot by lawmakers.

Amendment 2 is what we call a “continuation” of a law that’s been on the books for a decade, and members of the House and Senate want to make it permanent, by placing it in the state’s constitution.

Unlike Amendment 1, which gives homeowners with a homestead exemption another property tax cut, Amendment 2 addresses all other property that is not covered by a homestead exemption.

Basically, if you own real estate, you’re going to want to take a close look at both of these proposed amendments.

Now, the details on Amendment 2: If passed, it would “Permanently retain provisions currently in effect, which limit property tax assessment increases on non-homestead real property … except for school district taxes … to 10 percent each year.”

That means if you own commercial property, rental property, second homes, or if you own a vacant lot and pay property taxes, passing this measure will mean the “assessed value” of that property will never go up more than 10 percent in any given year.

As with all of the amendments on the ballot, at least 60 percent of voters must approve it to put it in the constitution. Thus far, there is no organized opposition to Amendment 2.

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