The Real Deal Miami

Property tax revamp debated

August 04, 2008 12:09PM

This weekend, state homebuilders heard the pros and cons of Amendment 5, a proposed change to the state constitution that would slash property taxes raised for schools in exchange for other new revenue. Supporters said voter approval in November would boost home sales and help an industry that’s suffering through an economic downturn. Critics charged that the proposal won’t be worth it because residents will be paying more taxes on materials and services. If the measure passes, lawmakers will have two and a half years to figure out how to make up the difference in the uncollected property taxes.