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Most Amendment 3 coverage focuses on the homestead exemption jump — understandably, since that’s the headline number for residential owners. But there’s a second provision commercial property owners should know about.
For many non-residential properties, Amendment 3 would lower the annual cap on taxable-value increases from 10% to 5%. That’s a meaningful change to how quickly assessed value — and therefore tax liability — can grow year over year on commercial assets.
While this cap will limit the commercial (non-homesteaded) property owners tax base increase, it will not prevent a greater burden of property tax from being on the backs of commercial property owners by way of a millage increase.
If you own or are evaluating commercial property in Sarasota or Manatee Counties, this is worth factoring into your longer-term tax projections, separate from the homestead conversation. Happy to talk through what it could mean for your specific holdings.
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