TALLAHASSEE, Fla. (WTXL) - Florida Tax watch released a study Tuesday projecting property taxes could grow by more than $700 million on non-homestead properties like businesses, apartments and second homes.
According to the fiscal think tank, this would happen if voters reject one of the 13 state Constitutional amendments that go before voters in November.
Known as Amendment Two, the proposal extends a current 10-percent cap on annual increases in assessed values of non-homestead properties, which voters approved in 2008.
TaxWatch Vice President Kurt Wenner feels many Floridians are unaware of just how much their taxes could go up.
"If Amendment 2 fails to pass, it doesn't mean that the cap is just no longer going to be in effect going forward," Wenner said. "It means that all of this property will suddenly be assessed a full value. This can be quite a big sticker shock when some people get their tax bills."
Wenner expects potential tax increases would be passed along to renters and customers, making the issue important whether someone owns property or not.
Supporters of the amendment say, it's currently polling at just under 60-percent.
All amendments require at least 61-percent to pass.