Supporters of a property tax Constitutional Amendment are urging Floridians to vote "Yes" on Amendment 4 this fall, or risk having their "assets taxed off."
Referring to rising property taxes in a down real estate market as "Sudden Posterior Reduction Syndrome" (or getting your assets taxed off), a group called Taxpayers First is pushing for an Amendment that will outlaw property tax increases when home values fall.
In a group of Youtube videos, Taxpayers First calls on voters to support the amendment at the ballot this fall. The mock video shows a talk show host interviewing a doctor about Sudden Posterior Reduction Syndrome.
"I first noticed on a patient around the onset of the recession," says a man identified as Dr. Stanton Robinson. "The value of his home went down, but his property taxes went up."
"That sounds really serious," the talk show host responds.
In addition to outlawing the so-called, "recapture rule" Amendment 4 also provides an additional homestead exemption for new homebuyers, for up to five years.
It likely will translate into lower revenue for local governments, which have had to enact bone-deep cuts to deal with revenue shortfalls. Still, for those who own property, or want to buy soon, it could lower their costs significantly.
Amendment 4 is one of several constitutional amendments on this fall's ballot that aim to reduce taxes. Many are non-controversial (property tax breaks for widows of military veterans, etc.), but others are not as popular.
Moving forward, Taxpayers First could use its campaign to lobby in favor of a Constitutional Amendment aimed at providing businesses a tax break on tangible personal property and equipment.
Here's the video: