Did you know that under Florida property tax law, your property tax bill can go up, even if the value of your home goes down? It’s true. Every year your home’s taxable value is re-assessed. That value can increase by as much as 3% every year, and that affects how much you pay in property taxes, even if your millage rate doesn’t change.

What if the real value of your home stays the same, or even goes down? Shouldn’t your assessed value go in the same direction? Not as the law is written. Even if your home’s value goes down, your assessed value can still increase by up to three percent. That’s right – your millage rate can stay the same or even go down – and your property tax bill will still go up.

It’s called recapture, and it’s an unfair tax trap that Amendment 4 will allow the legislature to do away with if supported by the people of Florida. It’s just the right thing to do, and it’s one way we can help many Floridians keep more of their precious assets.

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.

The importance of passing Florida’s Amendment 4 on the November ballot is becoming increasingly clear as foreclosures continue to impact Florida families and businesses’ in big ways.

4 Reasons You Should Vote Yes On Amendment 4