How much could you save in taxes from Florida's Amendment 3? Here's how you can find out.
Retiree Walter Rasor is always looking for a way to save, and a property tax cut on his condo sounds appealing at first glance.
"No one should vote for this unless they know specifically their financial picture," Rasor said.
If passed, Amendment 3 would reduce the taxable value of primary homes by $150,000 in 2027 and $250,000 in 2028 for non-school taxes. However, cities and counties warn the amendment could trim millions of dollars from local budgets, potentially affecting municipal services.
CBS News Miami asked a professional appraiser to run the numbers for Rasor.
"My estimated savings for year one is $108," Rasor said after reviewing the breakdown. "That's about $10 a month."
Rasor lives in Sunrise. Sunrise's website says the city could lose $26 million in revenue over two years if the amendment passes.
For Rasor, $10 a month isn't worth the trade-off.
"I wonder if the city has to cut something. And what if that cut does go into emergency or medical or fire, or police," Rasor said. "I can't afford for $100 to think about that."
Casey Vockell ran the estimate using the same formula county property appraisers use. Vockell created the website myexemptioncheck.com, where property owners can get a rough idea of their potential savings.
"It's important that you know what you're voting for," Vockell said. "There's a price for everything, and you need to know what the value of what you're giving up really is."
Brickell condo owner Vanessa Mesa is also looking for ways to reduce housing costs. When Vockell ran the numbers for her, the number was significantly higher.
"$1,351.78," Mesa said. "That is an amount that I can use toward the improvement of my home."
Both said a specific number helped them decide.
"This would probably make my decision to say yes to Amendment 3," Mesa said.
As for Rasor? "No," he said when asked how he plans to vote.
Vockell recommends that property owners have a professional break down all the numbers for the most accurate estimate. The online estimator calculator can be found here.