Florida Amendments 1 and 2 address reserves, farm taxes

Florida voters will decide two proposed constitutional changes in November that address government finances and agriculture. Amendment 1 concerns Florida’s Budget Stabilization Fund, commonly called the state’s rainy-day fund, while Amendment 2 concerns property taxes on agricultural equipment and other qualifying farm property.

Amendment 1 would expand state reserves

It also would require annual transfers of as much as into the fund and permit lawmakers to use the reserve for certain critical needs.

Supporters say a larger reserve would leave Florida better prepared to respond to hurricanes, economic downturns and other emergencies. Opponents say directing more money into savings could leave less funding available for current public services and infrastructure.

The proposal would change the state Constitution rather than make the adjustment through an ordinary state law.

Amendment 2 would create farm tax exemptions

Amendment 2 would remove agricultural equipment and certain other farm-related property from property taxation. Supporters say the exemptions would lower operating costs for farmers, support the agricultural industry and help farms remain in operation.

Opponents point to the effect on local government revenue. Because property taxes help pay for public services and community programs, exempting additional property could reduce the money local governments collect for those purposes.

Other amendment on the November ballot

Amendments 1 and 2 will appear alongside Amendment 3, which has drawn greater public attention. Amendment 3 would increase the homestead exemption for non-school property taxes to in 2027 and in 2028, followed by inflation adjustments.