How The New Amendments Impacted Your Purse…
Sooo, now that the recount debacle is behind us, the recent elections have put into place a few changes that could really impact you Purse.
While, it isn’t necessary to understand the inner workings of the laws, it is important to understand how they will impact you financially. Whether it’s homeownership or tax reform, knowing how it will affect your personal cash flow will better prepare you for what lies ahead.
To start, we’ll review amendment #2, which is a permanent cap of ten percent placed on the annual increase of non-homestead property tax assessments. This amendment is designed to protect property owners that rent out homes, conduct business and the end consumer. Failure to pass this amendment would have meant paying taxes on the full value of the properties. Overall, this would have meant more costs for the end participant and with this amendment; it has saved a tax increase of nearly $700 million on an annual basis. I am so glad that we collectively dodge that bullet.
This amendment has to do with needing a supermajority, 80 of the 120 house members, to vote in the same opinion for a bill to pass. Currently, this is applicable for raising taxes or fees. With the new amendment, this now applies for items such as fees for fishing, driver’s licenses and concealed firearms, as well as items relating to gas or sales taxes. Not included in this amendment would be the need for a tax or fee increase in the case of an emergency.
This amendment was passed to repeal the language that prohibits a non-citizen from owning, inheriting, disposing and possessing property. Also, this amendment aids in the elimination of red tape that was making the process difficult.
The importance of voting in your local and state elections is great, as it affects many of your day-to-day activities. These are the votes that will likely have an impact on where your money goes from taxes and fee increases. Take the time to read through to entire amendment as this benefits you and your thought process for elections going forward. You can make an informed decision that not only has your best interest, but the general publics best interest in mind.
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