Election Season: It’s Not All About the Candidates

When election season arrives, most of the attention naturally goes to the candidates. Who is running? What do they believe? Who won the primary?

But this November, some of the most consequential decisions Florida voters will make won’t involve a candidate’s name at all.

Voters will be asked to weigh in on ballot initiatives that could have long-term implications for property owners, local governments, and conservation efforts. For REALTORS®, understanding these questions is especially important. Many of you serve as do-it-all experts for your clients, so understanding answers your clients might have on these property-related ballot questions is essential.

Here are two issues to have on your radar heading into the November election.

Florida Property Tax Reform

Florida voters will consider a proposed constitutional amendment making changes to the state’s property tax system. The proposal would phase in an increase in the homestead exemption for property taxes levied by counties and municipalities, while leaving school district taxes unaffected.

Under the proposal, the current $50,000 exemption would increase to $150,000 in 2027 and $250,000 in 2028 for qualifying homesteaded properties. The amendment would also reduce the maximum annual increase in assessed value for certain non-homestead properties from 10 percent to 5 percent, excluding school district taxes.

This plan also calls for a 5-year waiting period for individuals who have not established Florida residency before December 31st, 2026. For homeowners with homesteaded properties, those changes could mean property-tax savings. Local governments, however, claim increases in property tax exemptions raise questions about how services and infrastructure are funded in the future.

Because Florida’s Constitution is being amended, the proposal will require approval from at least 60 percent of voters statewide. For REALTORS®, this is an issue worth understanding beyond the ballot-box debate. Property taxes affect affordability, the cost of homeownership, investment property and the communities in which we do business.

At the time of this writing, Florida REALTORS® has not taken a position on this ballot question.

Sarasota County Conservation Lands

Sarasota County voters will have two important decisions to make this November regarding the future of the county’s longstanding program for acquiring and protecting environmentally sensitive lands and parkland. The Environmentally Sensitive Lands Protection Program (ESLPP) dates back to 1999, when Sarasota County voters approved a dedicated property tax to acquire, preserve and manage environmentally sensitive lands. Voters overwhelmingly supported extending and expanding the program in 2005, and the current authorization is scheduled to expire in 2029.

Over more than 25 years, the program and related conservation efforts have helped protect tens of thousands of acres throughout Sarasota County through both direct land purchases and conservation easements. These properties help preserve wildlife habitat and water resources, while many also provide public access, recreational opportunities and additional parkland. This November, voters aren’t being asked to create a new conservation program. Instead, they will decide whether, and how, the existing program should continue.

Question One: Continue the Conservation Lands Tax

The first ballot question asks voters whether Sarasota County should continue the existing property tax of up to 0.25 mills for an additional 20 years, through 2049.

A mill is equal to $1 in tax for every $1,000 of taxable property value. At the maximum 0.25-mill rate, that equates to $25 annually for every $100,000 of taxable value, or $100 on a property with $400,000 in taxable value.

Revenue generated by the levy is dedicated to acquiring, protecting and managing environmentally sensitive lands and parkland.

A YES vote would authorize the county to continue collecting the tax for another 20 years.

A NO vote would allow the existing authorization to expire in 2029.

Question Two: Authorize Up to $250 Million in Bonds

Voters will see a second, separate question concerning how the conservation program can finance future land purchases. This measure would authorize Sarasota County to issue up to $250 million in bonds, with the debt repaid using revenue generated by the conservation lands tax.

The purpose of borrowing money to purchase conservation land is because land acquisition opportunities don’t necessarily occur on a predictable schedule. Bonding can give the county access to capital when a significant property becomes available rather than requiring the county to wait until enough annual tax revenue has accumulated.

A YES vote would give the county authority to issue up to $250 million in bonds backed by the program’s dedicated tax revenue.

A NO vote would withhold that bonding authority.

Importantly, these are two separate ballot questions. Voters will independently decide whether to continue the tax and whether to authorize bonding. For REALTORS®, these questions involve property taxes, land acquisition, private property rights, conservation easements, parks and recreation, growth management and the long-term use of land throughout Sarasota County.

Conservation easements are particularly relevant to real estate. Rather than purchasing every property outright, the county can sometimes protect land through an easement that restricts future development while allowing the property to remain privately owned and, in some cases, continue uses such as ranching.

The RASM Public Policy Committee and Board of Directors have voted to support and endorse this conservation ballot question in Sarasota County.

Beyond the Candidates: Know What’s on Your Ballot

Ballot initiatives can change the Florida Constitution, affect how property is taxed and determine how local tax dollars are used for decades. As REALTORS®, we work every day at the intersection of property ownership, housing and community development. Being an informed voter means understanding not only who we are electing, but also what we are voting on.

Before casting your ballot this November, take the time to read the questions, understand what a “yes” or “no” vote would do, and make an informed decision. Because remember, election season isn’t all about the candidates.