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F * FL00. S C�rY OF SUN ra0 TO: City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947 -0606 City Hall (305) 949-3113 Fax (305) 947 -2150 Building Department (305) 947 -5107 Fax MEMORANDUM The Honorable Mayor and City Commission FROM: Minal Shah, Assistant City Manager - Finance DATE: September 20, 2012 RE: Resolution Not Supporting the Passing of Amendment 4. RECOMMENDATION: City Commission Norman S. Edelcup, Mayor Lewis Thaler, Vice Mayor Isaac Aelion, Commissioner Jeanette Gatto, Commissioner George "Bud" Scholl, Commissioner Fred Maas, Acting City Manager Hans Ottinot, City Attorney Jane A. Hines, CMC, City Clerk Staff is recommending City Commission approve the adoption the resolution not supporting Amendment 4 since this would generate additional inequities in the Florida's tax system. REASONS: Amendment 4 is one of the many constitutional amendments that will appear on the November 2012 General Election ballot. Although the official ballot summary is lengthy, the significant impactful components are the following: 1. Reduce the current assessment limitation on non - homestead real property from 10% to 5 %. 2. Give first -time home buyers an additional homestead exemption equal to 50% of the just value of the property up to the County median home value 3. Creates a provision that allow the Legislature by general law to prohibit increases in the assessed value of homestead property if the just value of the property decreases. Ultimately, these components will create further inequities within non - homestead properties where new businesses would pay higher property taxes than like established businesses. More importantly, this will create further inequities within the homestead properties where neighbors with access to the same City services are paying varied amounts. Agenda Item Date - 2c)- 12a