The impressive margin of support for Amendment One should not have been a surprise. Florida is experiencing a property-tax revolt, not unlike that which led to Proposition 13 in California in the late 1970s.
Floridians have found their property taxes rising at double-digit rates due to the "stealth tax" of rising property values. Existing limits on taxes and spending have failed to constrain the increasing burden of property taxes in Florida.
Taxes in Florida are at an all-time high. In the last few years state and local taxes have captured about 10 percent of the state's income. At no other time in the state's history have state and local governments imposed such a heavy tax burden on citizens.
From 1991to 2004, local property taxes more than doubled, from less than $10 billion to more than $20 billion. Since 2001, local property taxes have increased more rapidly than personal income. Florida's property tax rates are among the highest in the country.
Much of the increase in local property taxes can be attributed to the housing bubble. During the early years of this decade, property values in many parts of Florida increased at double-digit rates.
As property values increased, assessed values increased as well. In the last year, increases in property values have moderated and in some communities property values have declined. At the same time, some local jurisdictions in Florida have been increasing property tax rates.
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