ST. PETERSBURG, Fla. — Amendment two could impact landlords, renters, and local governments.
According to Pinellas Property Appraiser Bob Henriquez, at any given year, based on the cap, your taxable value can't go up more than 10 percent.
Every year, there's a 10 percent cap on property value increases for non-homestead properties. That's second homes, apartment buildings, shopping centers, and office buildings.
Right now, that is temporary. Amendment two will determine whether the tax breaks stays or goes.
"If there's no control, no cap on these property taxes, what is going to happen?" Larry Twinney, who owns a building on Central Avenue, said.
A "yes" vote keeps the 10 percent cap in the Florida constitution forever. A "no" vote means taxes will go up for non-homestead properties.
The cap would come off, so values would rise and there would be more funding available to local government, Henriquez said. That's about a $700 million boost for local governments.
"If we don't vote yes for Amendment two, who knows what's going to happen. This could go down the tubes," Twinney said.
Twinney said he would have to raise everyone's rent if that happens — a scenario that could play out for landlords and renters all across Florida.
"So it has the ability to harm a significant amount of people," Henriquez said.
Whatever voters decide, there won't be much time to react. The current tax break ends January of next year.