Florida Amendment 3 Explained with Cyndee Haydon Ep 346

REE #346 Transcript

[00:00:00] Cyndee Haydon: "It's not just about us. How do we let more people be able to get in on the American dream?" And affordability, as you know, it stops a lot of people, right? You do the mortgage numbers. If these numbers can't come together, I mean, you could have a great job, great things. Numbers don't... You know, when the math doesn't math, it doesn't work.

Tracy Hayes: Hey, welcome back to the Real Estate Excellence Podcast. November 3rd, Florida [00:01:00] voters decide Amendment 3. If it passes, the homestead exemption for non-school property taxes jumps from

[00:01:07] Tracy Hayes: Roughly 51,000 today to 150,000 in '27, 250,000 in '28. School taxes are not touched. It needs a 60% vote to pass. Supporters call it relief for homeowners. Opponents call it a tax shift onto renters and businesses and a threat to local services. My guest is a broker associate of Future Home Realty. She is the current treasurer of Florida Realtors, and serves on the executive committee. She previously served as secretary, and she sat on the National Association of Realtors Board of Directors from 2019 to '23. Cyndee is speaking on behalf of Florida Realtors. The Florida Realtors board voted on August 23rd to support Amendment 3, and the association has put millions of dollars into the campaign.

The association calls the idea that voters must choose between tax relief and [00:02:00] local services a false choice and a scare tactic. It points to years of record growth in local property tax and revenue, and argues Floridians can have both. So we are going to cover what Amendment 3 does, who it helps, what critics are saying, and the hard questions voters are asking. Cyndee, welcome to the show.

[00:02:21] Cyndee Haydon: Thank you, Tracy. It's so good to be back. You do such a great job. I appreciate you, and thank you for having me on this important topic for every Floridian.

[00:02:30] Tracy Hayes: Yeah, 100%. I expect this video to go viral, probably one of the best responses, 'cause everyone's talking about it, and there's still a lot of questions. I think we even have supporters who actually don't know everything that's in it, but they know a couple of the key points, and they're already supporting it. But hopefully we bring out some of the finer points that even strengthen their support for it.

[00:02:52] Cyndee Haydon: Absolutely. I look forward to doing that.

[00:02:55] Tracy Hayes: I wanna just start a little bit before we get into the key questions that we [00:03:00] got, just to give for possibly someone who's not a resident currently of Florida, but also I think a lot of Floridians don't fully understand the concept of where, obviously, revenues need to be generated by the state and local governments to give our infrastructure and fire and police and all, you know, there's, there's things that have to be paid for. And in a state that everyone knows there's no state income tax here. But the other places that revenues come from, I think a lot of people don't understand. And, being a tourist-friendly state, it's the tourism where we generate a great portion of our income.

Can you just, you know, on a, a 30,000-foot level to someone who may not know how, where does money come from in Florida besides just property tax? What are some of those other areas?

[00:03:53] Cyndee Haydon: Well, I'm not an expert on all those things. Mm-hmm. But what I can tell you is that the way the system works today [00:04:00] is that the property tax money flows automatically to local governments, so they're not having to so much justify by line item. You know, in normal circumstances or, like our realtor board, if we want to add an expense, we have to have the board of directors approve it, right? So we have to have the support to do it, and there are things that, just like Amendment 3, the board said, "Yes, we support it. Invest our money that way." But, you know, right now the state collects the property taxes and it goes straight to locals, the way I understand it.

What is good to know is that the state passed a law that went into effect in 2026, that in 2027 every government, the local and county governments, will have to do a budget and do it by line item and show where they could cut 10%. So what that's gonna do is actually offer more transparency, 'cause the question you [00:05:00] asked is, the question people have, but right now things are in buckets. Yeah. And so while I completely respect the job that our cities, our locals, our fire, our police do, you know, I don't know about your family, but since COVID, everything costs more. And in the last seven years, you know, my, my insurance has gone up even though we've made reforms because labor is up and materials are up.

Gas is up 50%, grocery 20%. So as a family, we're having to tighten our belt and make adjustments. But think about this. The way the money flows in our state and local governments, they have seen almost 100% increase in the last 10 years. So our services haven't, you know, mine haven't really changed, but, to have 100% more, we're saying, like every family, they're gonna have to next year publish on their website where they could cut 10%. It doesn't mandate they have to, but the exercise gets us all thinking. You're, you're in the real [00:06:00] estate industry. I don't know about you, but, I mean, the last three years have been touted as some of the, the lowest transactions, so income has varied.

And so in our families, we go, "Okay, if less is coming in, how do we adjust? Maybe we don't go out to eat every day." Right. "Maybe we do it once a month." So I just think that we're asking governments the fair conversation, which is, "Hey, we want you to help us, you know, get a tax relief, and where could we, you know, prioritize," right? And so I think those are the things that Amendment 3 is really bringing up, is that, you know, we did have an increase in people moving to Florida, about 16%. We did have the cost of living inflation up about 25%. Doesn't account for the 100% increase that they've gotten. And so we're, I mean, we're just saying, look, I mean, we wanna get some relief for the normal families and taxpayers that we see sitting across the table every day, right?

[00:06:56] Tracy Hayes: And I think we also need to remind, you and I know 'cause we're in [00:07:00] the business and, you obviously interview a lot of great real estate agents, and it's the agents who, to me, are so vital in our economy because they are the concierge that makes these transactions happen. And because, you know, I've been in my home since 2009, so obviously with the cap on property tax, now property taxes have gone up for sure.

But a new person coming in, and now their house being reassessed to today's value, now having to pay the millage rate that I pay on a home that I bought 17 years ago and has been capped at that 3%, is getting to the point where it's slowing our housing sector down, and how vital it is to all the many other sectors. 'Cause every time someone moves, there's furniture, there's refrigerators, obviously. 'Cause I mean, there's all these different factors going on and we've gotta get it under control.

[00:07:54] Cyndee Haydon: Yeah, I agree. And you know where we see that? Honestly, I think you hit a really good point, is two things. [00:08:00] One is I've yet to hear a local government talk about the tax windfall from every sale. So if you sold your house today, the government is getting not only the increase in the values that it keeps doing, but it's getting all that step up, right? And oftentimes you see it when you're helping people get a loan. Mm-hmm. It's, it could be twice as much as what the current person is paying. And so we're not even seeing that in the numbers, which again, some people say, "How do they make it up?" They're, when people are buying and selling, they're making part of that up.

And the other thing that you touched on that is really near and dear to, to my heart, and I know for you is, you know, the age of first-time homebuyers since 1991, when it was 28 years old, is up at 41, and we're heading towards 50. And imagine when you're 28 and you pay on that mortgage 30 years and you're 58, you know, most of us have known people that then can sell a house, have a nest egg, maybe you downsize. It's part of your, you know, generational wealth, but also your [00:09:00] financial planning 'cause you had time to let the money work for you. If you buy your first home at 50, I mean, really, are you gonna work till 80 to pay it off?

And you know, I, the reason I stress it is because obviously there's three parts to affordability, right? It's the interest rate. We don't control that. It's insurance rates, and we've brought those down, and we're working on it. And then there's this property tax, and ultimately it's the one thing that voters have control over. And so, we talk to people every day, I know you do, that want to be part of the system. They're renting, and they want to be in it. And the numbers, you know, they need relief. That's what we see. And, and then on the flip side, it's not just those getting in, but it's the families who are trying to stay in, whether it's a senior on a fixed income or, you know, we've all heard people in the general, you know, economy are not getting pay raises at 100%.

They're not getting the, the wage. You know, they're struggling. And so as this keeps going up, [00:10:00] it's just putting a burden that says I remember when the last property tax change happened, the reason it was so important was we said, "We can't force people out of their house." Like it used to tax on highest and best use, right? So in a beach community you'd say, "Oh, okay, well, my house has been there, my family house, but it could be an amazing hotel, so your taxes are X, Y, and Z." Like, well, there's no way anybody could stay there, right? And so we do honor and want Florida to not only be a great place to live, work, and play, but we want people to be able to, when they make a decision to come here, not be forced out, right? And this is a small thing and a first step in making it more affordable.

[00:10:38] Tracy Hayes: Right? Well, I, I just, you know, thinking about what you just said there, I mean, obviously for generations, obviously I'm a Northeasterner, you know, my parents would come down as, as I was older and visit their friends. They had places in, in Naples where they would come down for the, the wintertime. And now the growth of Florida, we have industry moving in, high-tech [00:11:00] obviously Jacksonville's known here as a, you know, financial hub, and you have these great-paying jobs coming in. But now those people get to a point where, okay, I'm looking to retire, and it's like, okay, well, I can't afford the taxes so I've got to move somewhere.

Yeah. And I know if there's any place that people are moving from Florida to, it's places like Tennessee, you know, where the taxes, and obviously they're a no-income-tax state. But they're looking for value 'cause like, yes, go back to your retirement planning. What's it gonna cost me? Yeah. Do I stay in this house or I have to sell it? And then obviously, you know, we'll talk about portability here and how does this affect portability. That's one of the questions we'll have you address. But how important it is on all the above. Let's, let's dive into my questions. I'm mumbling. Yeah. Let's do it. My questions here.

I worked, worked very hard and obviously with you to really get some of these to hopefully educate our listeners. I worked on it, Cyndee's reviewed them, we went through them to make sure we're hopefully asking great questions so Cyndee can give [00:12:00] great answers so everyone walks away from this show with being well-informed on what they're gonna do on well, by November 3rd, with early voting. When someone asks you, Cyndee, what does Amendment 3 actually do for me as a homeowner, what's the one sentence you lead with?

[00:12:19] Cyndee Haydon: Well, it gives you tax relief and it's the only thing you have control over that I know of. So, it's not only a one-time savings, but it's ongoing. And so what does that mean for you and your family as you- as we just talked about, in a variety of different circumstances? And so really it is about making things more affordable, and we've done it before, so some of the, some of the negatives we heard that I'm sure we'll talk about really, you know, haven't borne out in history. So that's the good news. This isn't the first time we've done this, right? I mean, voters and residents have made this decision multiple times [00:13:00] over our history since 1934, and every time we've figured it out.

And so what it is, is if you're sitting across a kitchen table going, "Hey, all my expenses are up. I've cut. What can I do?" You know, it's meaningful to see some places the first year you might save up to 2,000, the next year 3,000 a year. That's almost 300 a month. What can that help with, different people's expenses? And again, at the end of the day what I say is it's the only thing we control, and we have the opportunity to not talk about it, but to make a positive difference. And it's not just for me that I think about, but I have two boys in their 20s, and hopefully one day I'll have grandkids.

And so it's, it's again, it's something we can do to make sure that they have an ability to be part of the American dream, which, you know, is really on the forefront of people's minds. Even people that own homes are like, "It's not just about us. How do we let more people be able to get in on the American dream?" And affordability, as you [00:14:00] know, it stops a lot of people, right? You do the mortgage numbers. If these numbers can't come together, I mean, you could have a great job, great things. Numbers don't... You know, when the math doesn't math, it doesn't work.

[00:14:11] Tracy Hayes: Well, you brought up a good point. I'm probably jumping ahead because I know I think I have this question later on, but, but since you brought up—you talked about your kids. Yeah. And December 31st, 2026, I initially thought, oh, you, I guess you need, you need to own the home. So real estate agents go out and tell your customers they need to buy a home before December 31st so that they could, you know, on next year's tax bill, they'll be eligible for it. But actually, your kids who are residents of the state of Florida right now, correct, a renter who is a resident of the state of Florida, as long as this is their primary residence as of December 31st, renting or owning will be eligible.

[00:14:52] Cyndee Haydon: Absolutely. And, you know, again, that's an important piece that gets kind of misconstrued, because I'm [00:15:00] working with a young couple right now who's trying to get in a house, and again, the interest rates keep making it challenging right now as they bounce around. And so this would allow them to get some breathing room to get into a home, right? And so, like you said, it's absolutely true that everybody that lives here full-time in Florida and again, the property tax people will end up telling us, but it's like, you know, typically your driver's license, your voting, all those kind of things that say, "Yes, this is really where you are." They're gonna have the same benefit that when a year from now, maybe it's two years, they buy a house.

They'll automatically... If it's two years from now, then when you're doing the mortgages, you know that tax is gonna be $250,000 less part of the bill, right? Mm-hmm. So that's gonna be... I mean, you do mortgages all the time. How many people would that make a difference for that you see every day?

[00:15:49] Tracy Hayes: Well, there's no doubt. I mean, that-- my, my follow-up question was just talking about, I don't know if you had done some calculations. I, I did. I, I took my bill, what it will do for me, what it would do for my in-laws, who [00:16:00] obviously are retired and what would, you know, another home as well. And looking at those situations, next year it would save most of us about 50, $60 on a-- if we're doing it on a monthly basis, or about $710 for the year in taxes. But in '28, it would save over $1,400, which when you're escrowing that's over $100 a month on your payment. And when you're looking at a first-time homebuyer, that's a make or break on what homes they are buying, right, or maybe even the-- whether or not they're being approved.

[00:16:36] Cyndee Haydon: Right. Right. And the thing is, we all know that even with Amendment 3 passing, your property tax bill will increase even when you're homesteaded and even when you have a 3% cap. Because there's one piece that says millage, the other is what do they value your house at, right? And so, there, you know, what, what I do know is that, you know, since COVID, everything that's an expense has [00:17:00] kind of gone like a rocket ship, right? And so this is a way to kind of taper that off and help some people in that process. And you know, what I do know is it's a first step. So, you know, some people worry and there's like, well, they're into all the details of, "Well, what about this?

What about this? What about this?" But here's the deal. Just like everything we've seen happen, it's a first step, and there is an implementation plan, and I can promise you that Florida Realtors is committed to being at the table like we do in other advocacy, right? You know we've been there. You and I have had conversations about insurance over the years, and the impact we've made to make changes. You know Hometown Heroes and First Time Home Buyers came from Florida Realtors. So we know that, I mean, we can fully support our locals and our county government. We will be there at the table to figure it out. But we do know that it's a conversation that needs to happen.

And when you look at the impact being homesteaded properties, that's even a small portion because your school taxes are [00:18:00] not impacted, right? Everything that supports your schools is completely untouched. And, you know, by estimates I've seen, homesteaded properties maybe make up a third of all properties. So it's, again, it's something I believe

[00:18:12] Tracy Hayes: gonna be able to manage. That we need to manage. Your statistic is somewhere between 30% and 40% of the homes in Florida are actually homesteaded. That's right. I think that's very important to get out there, 'cause I think most, you know, the common person who might only own one home thinks that, you know, 80% of the homes are homesteaded, so now 80% of the property tax revenue is gonna be reduced when that's not really true. You're only looking maybe 30% to 40% of the homes are homesteaded.

[00:18:39] Cyndee Haydon: Yes.

[00:18:39] Tracy Hayes: Yeah.

[00:18:40] Cyndee Haydon: Yeah. And I think I've seen some estimates, again, I, you know, we'll see, but, you know, some estimates say maybe a, a 9 to 10% decrease the first year, and maybe the second year 20%. But again, when you ask, you know, when you look at things are up 100%, you know, in most cases, I mean, for you [00:19:00] and I, if I said, "Hey, you've got a five-year job. I'm gonna, you know, pay you 100% more, but the gig is you gotta give 20% back," most of us would be like, "We'll find a way to make that work." I mean... you know? Yeah, yeah. It makes sense.

[00:19:13] Tracy Hayes: This is a very simple question, but hey, it, people ask questions of all sorts of stuff. If you're currently homesteaded, do you have to do anything?

[00:19:22] Cyndee Haydon: No.

[00:19:23] Tracy Hayes: No. It's just you've been

[00:19:24] Cyndee Haydon: homesteaded and, if you're homesteaded with the property appraiser, this will automatically, just like the cost of living automatically happened, right? Mm-hmm. It was 50 and it's 51,000 now. 50,000 to 51,000. So that part of the system, my property tax appraiser sends me a note every year and he says, "Is this still your homestead? If it is, you're good. If it's not, then tell us." Right.

[00:19:45] Tracy Hayes: Yeah. They go by

[00:19:45] Cyndee Haydon: Yeah.

[00:19:45] Tracy Hayes: the honor system, and trust me, you don't wanna get caught.

[00:19:48] Cyndee Haydon: That's right. I've had some clients that pulled shenanigans and—mm-hmm... you know, not a fan, right? Just do, do whatever's legal.

[00:19:56] Tracy Hayes: Yeah, the penalty's not worth what you might save. [00:20:00] Floridians are paying more for insurance, groceries, gas, and nearly everything else. Why focus on property taxes, and why now? And I think you've kind of addressed that question, yeah, because that's something that as voters, we can control to a

[00:20:15] Cyndee Haydon: It's the only thing we can control. I mean, if you have to drive to work, you're gonna have to put gas in your car. And you know, even though I'm on a little diet, I still gotta eat some food. Mm-hmm. So, and honestly, insurance in Florida, the things we did to reform the fraud and abuse and the one-way attorney fees, we had the lowest increase in the country last year at a little over three-quarters of a percent, and the new one is coming in at minus three-quarters of a percent when everybody else is where we used to be in the double digits. Right. So we've had over 20 companies enter. But here's the thing.

This is it, and here's the other thing that I think's important for people. It will bring more transparency and conversation at the local level. You know, I've heard a lot of locals [00:21:00] and county people, they talk about, well, this preempts to the state and we want home rule, or we feel about this. But here's the answer. Right now, everything flows in a bucket and they, and there's no incentive to not spend what's in the bucket. And this is gonna be: make a budget and then have a conversation, right? And those conversations are gonna happen with the residents that you were elected by and prioritize. I would say there is some confusion and some unfortunate advertising that I think scares some people, and that is around health, safety, police, and fire. I don't know if you've heard that.

[00:21:39] Tracy Hayes: But I have some thoughts

[00:21:40] Cyndee Haydon: on that.

[00:21:41] Tracy Hayes: Yeah. Go—yeah, flow right into it. 'Cause I think obviously appealing, "Oh, we're gonna have to cut back on, on the cops," and maybe someone's got a neighbor who's a cop, but everyone wants to have police around. We want security. Obviously, everyone doesn't wanna see the fire department, but we wanna know they're there. Absolutely. And it's a way to appeal to people's emotions more

[00:21:59] Cyndee Haydon: [00:22:00] Than

[00:22:00] Tracy Hayes: anything else without actual

[00:22:00] Cyndee Haydon: Yeah

[00:22:01] Tracy Hayes: knowledge

[00:22:02] Cyndee Haydon: Yeah... So here's where I would share on that. Two things. One is the legislature was, in the amendment, it was worded very specifically that the cities and counties must prioritize health, safety, first responders, critical mission stuff. So, you know, there may be conversation about a cultural fair, and, you know, that may fall into the decision that either people, like, raise money from public places or do different things, but at the end of the day, they are saying prioritize that. Now, here's the thing that, that makes me just give pause. Do you remember in 2008 when nobody asked permission, but we had a market crash that dropped about, you know, 40% or more in values?

Do you remember? Mm-hmm. Okay. So they collected that much less in property taxes. Nobody asked permission. It was the same year that the voters also [00:23:00] increased the property tax exemption from 25 to 50,000. And we heard at that time many of the same concerns, many of the same, you know, things. And guess what? The police still showed up for me in my area, the fire still showed up, the hospital still ran. We figured it out. I have confidence in the people we elect. And if they can't figure it out, I'm confident we can elect people that can. But what I know is just look at that history. All the things we're hearing is the exact same thing that we heard then.

The difference was the voter wasn't being asked about it. The market corrected in a way that forced it. But at the end of the day, that was an important, you know, example to say that really, that, that's how it worked. And so, most of us can look back where we lived, and we believe strongly based on how it's written and what history has shown us that we do not have to choose between safe neighborhoods and tax relief. And so we believe that the [00:24:00] property owners deserve this at this time, the ability is there, and that together we can make Florida a better place, a more affordable place to live. And that's worth fighting for and educating people about, which is why Florida Realtors is supporting Amendment 3.

[00:24:15] Tracy Hayes: Yeah. Well, I think, you know, some of the stories that I've seen—you know, what's the position? He went around the state and did an audit on a lot of the counties. The

[00:24:25] Cyndee Haydon: CFO.

[00:24:26] Tracy Hayes: The CFO. And—Blaise

[00:24:27] Cyndee Haydon: Ingoglia.

[00:24:28] Tracy Hayes: Some of these things, I—obviously, we're watching some stuff obviously come up within the federal government, and to some of these counties, like a Miami-Dade or a Jacksonville, a million dollars, they spend it like it's a dollar. You know, when they say a million like we say $100, you know? And they're dropping millions of dollars on something that you and I know if we ordered it, would only cost a few hundred thousand dollars. But if the government orders it, it's gonna be millions of dollars. And we're, we're often [00:25:00] wondering, where is that money going? And I think a lot of... they play on the fact that people aren't paying attention.

They aren't, you know, seeing it in the sunshine as they should. And some of the stuff that's in Amendment 3 is gonna force these counties to get their bean counters together and actually prove to the citizens, "We are spending your money wisely."

[00:25:23] Cyndee Haydon: I think that, again, what... not just Amendment 3, because that's not the vehicle, but the new law that went into place—that will have the cities and counties have to itemize and say, "Where could you cut 10%?" So you can't say nothing, right? Like, that's my thing with it, with the city and local. You know, we've been talking about this for two years. So actually, where's the alternative? What proposal did they give us, right? I mean, that's been a challenge. So, so no. I think that when you look at it, it, it's just more about prioritizing like every family [00:26:00] does.

[00:26:00] Tracy Hayes: Yeah. Yeah. Well, I mean, as politics go, the pendulum swings from one side to the other. And I think right now we're, the pendulum has swung so far to the—because the property value's gone up, they've collected this windfall of property taxes because all the new buyers are coming in buying these more expensive homes, and it's not necessarily the resident that's been here like me for a while, in my own... I thought I put that on. Sorry about that. The pendulum has swung back the other way, and now it's time for the people to come in and say, "Okay, now it's time.

We need to rein some of these bureaucrats in and their spending." The one thing that really set me off, you know, besides the one-mile sidewalk that cost $7.5 million in Jacksonville, was we spent $65 million on an autonomous vehicle. And I'm like, "Okay, if I paid $65 million in cab fare, how many people can I move?" I mean, you know what I mean? It's... Some of this stuff is, is great, but you're using other people's money for your [00:27:00] little pet project. That,

[00:27:02] Cyndee Haydon: Yeah. And some of that, like I said, I don't have all the details you know, on specifics, but

[00:27:08] Tracy Hayes: That's my comment. I'm

[00:27:09] Cyndee Haydon: You from that. No,

[00:27:09] Tracy Hayes: you know.

[00:27:10] Cyndee Haydon: But here's two situations of real conversations that make you realize when people say again, it's worth considering. So there was a, a young woman who's worked a couple years in our local sheriff's CSI department. And when she started, there was a CSI kit. So there's an accident, you check out the kit, you go work the accident, you bring it back. And the team shared the kit, okay? And she said, "Now, this year, everybody has their own kit." And I think those are the kind of things that people wonder, you know... and then another person at a, that's a realtor that works at a fire department, he said, "Well, you know, we all know this time of year we're told, like, spend it or lose it," right?

This budget money comes, and it's like spend it or lose it. And I guess the question was, you know, there's no mechanism to say, "Hey, could we share? [00:28:00] Could we do?" And I, again, I'm not getting into all that. Those are just two examples of, you know—decisions that are made based on money that flows with, with no checks and balances, really, in, in a lot of ways, you know? And I think when you... I think the transparency that's gonna come is we're gonna find that we can work smarter, you know, and maybe, again, like most families, find a way to tighten the belt and make it, you know, again, more productive with what we have.

[00:28:27] Tracy Hayes: Right. Right. This question is, this is all coming from Florida Department of Revenue. Data shows county property tax collections are up 176% in Walton County and 57% in Washington County over the past decade. Does one constitutional amendment fit all 67 counties?

[00:28:48] Cyndee Haydon: So Florida is a very big and diverse state, you know, from Miami to the Panhandle, and housing prices vary. And so, I think the amendment, like we saw in [00:29:00] 2008, does serve the whole state. I think the implementation and where money flows, you know, Florida's done a great job the last few years at the state level putting money in reserves. And again, there's conversation that as we go to implementation, there may be different ways. As you know now in your state after the legislature meets, you know, our local representatives say, "Hey, I brought home this money for water infrastructure project.

I brought home this money for this..." You know, the governor was very upfront and said the state will need to address that it won't impact, you know, probably everybody equally, but every homeowner needs affordability across the whole state. So let's take care of the first step. A bird in the hand is better than two promises some 18 or 40 years later, which is how long it's taken to have the chance again. And so I think that that shouldn't stop us from voting yes as is, people across Florida. [00:30:00]

[00:30:01] Tracy Hayes: This next question, kind of bleeds in a little bit, a couple things we've talked about already, but takes it to another, another step. Many cities and counties say they haven't raised their tax rates, so why are so many homeowners' bills still going up? And I'm gonna kinda add to that a little bit. We have a 3% cap, but that doesn't mean they have to take the 3%. They've, we've, for the most part, I don't know of any county who has... Maybe there is, but as we just talked about, you know, the revenues in certain counties are, are way up because the houses that were being built, the housing values coming in, people moving in, and now they're paying these, these higher tax rates, that the existing homeowner like myself, why did my tax rate go up?

Why did they take the 3%? So many cities and counties say they haven't raised their taxes, so why are so many homeowners' bills still going up?

[00:30:53] Cyndee Haydon: Yeah. Well, think about it. Think about you, 'cause you wrote mortgages, what the home values were [00:31:00] in 2019 and what they are today. And in many cases, I mean, we've had significant increase, right? I mean, we saw the average, you know, home in Florida go from my area from, like, 250 to 440. I mean, it's not double, but it's pretty darn close. And so that, that has definitely... You could keep the same millage and they're still collecting more. Yes, it's a cap, but it's a cap that keeps raising with the values. So, and I think there's another part that people don't understand, and as Florida gets impacted by so many natural disasters, I'm just gonna speak for myself.

As you know, in Hurricane Helene, I lost... You know, my house was damaged. I was out of it for a year and a half. And so there's something called the calamity law. Well, the first year, last year, my taxes were down a little bit, but literally my taxes this year jumped 23%. I'm homesteaded. Jumped 23%, and I talked to the property appraiser and I said, [00:32:00] "But my value's still down 25%. How does that make sense? I thought it was on..." And he's like, "Well, that's how the calamity law works." So I think there's a lot of things that, again, affect different people that all we know is we're seeing bills that keep rising, and we're trying to keep our wages and our incomes and, and what we can do to manage it in check, and it's a challenge. It's a real challenge.

[00:32:21] Tracy Hayes: Right. There's been a lot of posts on social media the last few days really, and I think actually it's been in the news and so forth that, you know, seeing some of these you know, last four or five years, some of our sheriffs, now some of them are doing a great job, many of them are doing a great job. But to go for their salaries going up from 140,000, 150,000 to 250,000, some, some of them nearly $100,000 in just literally four or five years around the state. Who is controlling that? Because I think there is a misconception of where that money comes from for police and fire and so [00:33:00] forth.

[00:33:00] Cyndee Haydon: That is not my expertise, but what I do know is that the loudest voices that I've experienced against Amendment 3, and many of them are in that sheriff, fire, et cetera, are the people benefiting from the large windfalls of money, right? Mm-hmm. And so obviously listen, you and I were selling houses in COVID time and we were like, "Let that flow." I mean, we were just, it was just coming. We're like, "Let that be—like, who wants that to stop?" Right. And the reality is, you know, it's easier to, you know, talk about how it could go wrong than to say...

I mean, I have yet to hear in my locals talk about, "Hey, okay, well maybe we can't do that, but we could do this, or maybe we could do..." And then I've seen some interesting posts that talk about what the governor makes at around 141,000 and the president at 400,000 and how many of our local, you know, representatives, whether they're in the sheriffs or the mayor, the counties, they're, they're [00:34:00] making more than those and saying, again, you know, I don't begrudge anybody, but my question is, we should be able to have an honest conversation about how do we find relief for the property owners? And that's all we're saying is, look, let's just say the first year is a 10% impact, you know?

How can... You run a business, I run a business. I can find 10%, you know? Maybe I don't buy the new computer right now. Maybe I wait until my next house sells. I can buy supplies, you know, later. My city bought a big chunk of land for millions of dollars. It's probably a good strategic move, but I don't know that we have to build something on it right now, right? We still have all our residents that aren't even in their homes from a hurricane. Like, you just make decisions that might be strategic and take a little longer, but yet you don't do it at the expense of your community that elected you, that lives there.

[00:34:58] Tracy Hayes: Yeah No, I [00:35:00] think we do need more transparency... And it's probably out there, just no one's looking. But you know, investigative report, this, yeah, some of the salaries of some of the positions within some of these counties are, like the president doesn't get paid and they have to go out and get elected and, and run. They're actually sitting in a position where they feel comfortable and no one's going to fire them and making hundreds of thousands of dollars. Like, great, but you work 9:00; there comes a point where you're using other people's money for your salary. You're not actually having a, a private business that's generating money, that, that creates money.

You're actually using other people's money, and there comes a point where some of the stuff is, I think, has gotten out, 'cause I think stuff is starting to come out now that all this is a topic. It's like, well, where are we spending our money? So that conversation has started, as you mentioned earlier.

[00:35:50] Cyndee Haydon: I think it's a healthy conversation, right? It has to be. I think a lot of us have just also to, to the, to their, you know, to our responsibility. [00:36:00] I mean, I haven't been asking the tough questions as a resident, right? I haven't educated myself as much over the years because I really didn't feel like I had any control, to be honest. Right? And so now if we have a voice, then we can vote for this, and we can continue to vote and help them improve the budget priorities that matter to us locally, which I think is exactly what local rule should be about, right.

[00:36:25] Tracy Hayes: Mm-hmm. Exactly. All right, let's get into it, how it actually works. The bread and butter here, what everyone hopefully is listening for. Does Amendment 3 change anything about Save Our Homes or portability? Now, a homeowner who sells and buys another home in Florida, what do they carry with them, and do they get the bigger exemption on the new home?

[00:36:46] Cyndee Haydon: Okay. So Amendment 3 does nothing to what we do today. Your Save Our Homes cap is the same. Your portability is the same, and it just adds to the current $51,000 [00:37:00] exemption. And so the first year it would go up to 150,000, and the second year it would go to 250,000, and then it would adjust with the cost of, yeah, the CPI, the cost of inflation. But it's also important to know that anybody that comes still is getting all the benefits we have today. So that's not diminished. They're, they just wouldn't qualify for the new additional savings until they've been here for five years if they're not already a full-time resident in Florida.

[00:37:30] Tracy Hayes: Right. Right. December 31st, '26 is the key date. Someone who is not a Florida resident then starts with the current exemption and waits until year five for the bigger one. What should renters who plan to buy and people planning to move to Florida know about qualifying for the full exemption?

[00:37:52] Cyndee Haydon: So I think the important thing is when Amendment 3 passes, the property appraisers are gonna tell us what they [00:38:00] use to determine if it's your permanent residence. So I don't know. I mean, obviously, driver's license has always been one that, you know, they've asked for. I don't know if voter ID. I don't know if it's an electric bill. We're gonna need details on that just to make sure that people are, you know, making sure that's in place so that there's no question later, right? Especially for people that might have been, a lot of my clients move here as a second home. They're transitioning and retiring, and so sometimes maybe they've put off doing some of those things.

That'll be an important step to make sure you have that all buttoned up so that you have the documentation to show that you would qualify as of December 31st. So as soon as we know that, you and I'll be sharing it. But bottom line is that if you're here and it really is your permanent residence, every intent of this amendment is that you can benefit at any time that you would choose to purchase.

[00:38:54] Tracy Hayes: I think it'd be—I can't believe it would be too difficult to prove that, whether, you obviously it's where they're working, what's their [00:39:00] driver's license say, they registered to vote. Those are some common just citizenship things that are documented. Should be pretty easy, I think, on that one. About a third of Florida residents rent. Does Amendment 3 do anything for them or could it cost them?

[00:39:16] Cyndee Haydon: So, again, I don't have a crystal ball, but here are some things that I think make sense, common sense. So one is I do own a rental property, my last home when we were able to, to move to a second home. And I know when I get increased insurance and property taxes, I have to make the numbers work, so those go to the renter. When I don't have increases, I'm not trying to raise that rent. Now, does every landlord, does every person do the same thing? I don't, you know, I don't know. But it just makes sense that if bills go up, it's gonna get shared across where they go, and people have probably seen that in the last few years.

I think that what it does do for renters is it positions them to, [00:40:00] your numbers are much lower, but your housing in Jacksonville may be much lower than Pinellas County in Hillsborough where I live. Mm-hmm. But we're showing that the savings is 1,800 to 3,600 up to that, you know, a year. So for them, it's actually making the pathway to homeownership much more affordable and actually helping them potentially get in and get the upside of equity and growth and, you know, benefit for themselves. And so for them, it's basically they're not gonna have to do anything except it should be easier to qualify and get that home. It's gonna be more affordable for them, just like it is for the people to stay in their homes.

[00:40:44] Tracy Hayes: Right. I think, you know, one thing we, you know, obviously, the generational wealth, owning a home and paying your mortgage versus someone else's mortgage is when you rent and, you know, you have people using it for retirement. It's also a strength in the community to [00:41:00] have obviously more homeowners are generally more stable. You know, it that, that whole part of it, and it just makes a better community overall. I think most people would tell you they'd rather live on a street where everyone owns their home versus everyone rents their home.

You know, I think we'd all—or, you know, necessarily an apartment, but I think the key thing is this next question is Florida Realtors says that the lower 5% non-homestead assessment cap makes taxes more predictable. We could see an easing of pressure on rents and small businesses. Is there anything in the amendment that requires rental property owners to pass savings on to tenants?

[00:41:44] Cyndee Haydon: No. And again, but what it does do is it makes commercial and second homes more affordable. And so that is gonna make people feel more comfortable making the investment in [00:42:00] Florida housing than somewhere else. It also, when it comes to, again, renters, it makes the current property owner able to afford to keep it as a rental. You know, here's the thing people don't talk about. When those keep rising, and you have a rental home that's providing shelter for someone, and I can't afford to keep it, and I sell it to someone else, you know, they live in it, that renter just lost a home. I mean, that's less affordable housing out there.

So, you know, everything that can at least set it up to be better, I'm voting for, right? And so I think that those are important pieces to it if... You know, I want people that are providing housing for others to be able to afford to keep doing it, and so that is an important piece because as you know, when you're a renter often and you go to look for something else, it's way more expensive. You have to put all, you know, the first, last, et cetera. It's just a lot. And so I [00:43:00] think what you said, which is predictable, keeps stability, and keeps people able to have more people just not having to deal with the ups and downs, however that comes about.

[00:43:16] Tracy Hayes: Yeah. I think, you know, even if someone had a long-term rental and you keep increasing the taxes to the point it's like, it's not worth it, and they... Even if they sold it to someone else who wanted to keep it as a rental property and keep the renter in there, they're gonna get reassessed because now the sale is gonna set off a reassessment, right, and now instead of only going up 10%, who knows where it will go to. Right. And now, now that we gotta-- The new buyer's gotta go back to the renter and say, "The taxes are this much more, and now I gotta raise, raise your rent that much more," to, to still... even if they, they were to take less profit.

But, I mean, I think a lot of people buy investment properties—it's exactly that. It's an investment. It's a business. They're, they're trying to make some money. Can some be more greedy than others? Obviously. It [00:44:00] just depends on what their situation is, but that's their prerogative. But when you're continuing to put this pressure on, yeah, it goes down the line. Yeah...

[00:44:09] Cyndee Haydon: Absolutely. Absolutely.

[00:44:12] Tracy Hayes: One line we hear a lot from the opposition is, "This is a tax shift, not a tax cut." What's your honest response to that?

[00:44:21] Cyndee Haydon: Well, here's the deal. Every Floridian is going to benefit. I mean, every homesteaded property is going to benefit, we know, with the additional savings. I also know that we elect our local government and we'll be part of the conversation. They have choices. So while the amendment says it has to prioritize public safety, health, mission-critical things, if local counties choose to make decisions that the residents don't agree with, then again, we have our voices heard at the ballot box.

[00:45:00] I think that it is disappointing when you wanna have a conversation with elected officials to talk about, "Hey, how could this work?" And the examples given are, "We're gonna lay off fire, we're gonna lay off police, we're gonna lay off this, we're gonna lay off that," when we know in 2008 it happened, and that's not what happened. And we know that before that it was 40 years when we first got the first 25,000. And so I just think it's... I think that I trust our local governments to, when it passes, do the hard work to figure out, you know, where that happens, right? I mean, each of us in our business, when the income drops, we make smart strategic decisions.

We don't, you know again, why would... I mean, we do not have to choose between safe [00:46:00] neighborhoods and tax relief. And so I think it's a false flag. I think it's something that is just inflammatory, and I think that it is disingenuous when we know that those elected officials' number one priority is public safety. And in Florida, my experience is people value that and we will demand it. And so I think if that happens, we're gonna look and say, "No, let's see what else," right? Just like I go back to the CSI example with the kits. Maybe you could share, right? Does everybody need whatever it is you're supplying? Could we wait another year to replace something 'cause it still functionally works and not just...

You know, I don't know those answers, but I'm confident we elect people that really do care and I know they're concerned, but I also believe they can find solutions with us together.

[00:46:49] Tracy Hayes: Yeah, I, I think, you know, it's one of those things, you're talking about it. You and I know in every household conversations of, can we get [00:47:00] another month out of that pair of shoes? Whatever, yeah, whatever it is, right? We, we are having those conversations, and we elect, we hire people at the county level and so forth, and we hope that they spend our money as a collective, the community's money, as they would spend their own. But it doesn't always happen that way because it's not their money, and then there's someone chirping in their ear going, "We need this, we need this." So they're like, "It's not my money.

I'll just go ahead and get them what they want so they shut up and leave me alone," type of thing. And versus, you know, having the integrity that we wish everyone had. And, it is it's just a society and dealing with people at different, different communities. Some communities are gonna do better at finding other ways or to, you know, be more strategic in spending their money, like doing the things that you and I are just talking about. There's others that are not going to be so good, and those [00:48:00] communities will, will you know, probably decline for a little bit until a new administration comes in or something, until someone comes in and says, you know, a new city manager comes in and says, "No, this is the way we're gonna...

We gotta run clean and we're, we're gonna run thin and we're gonna be in the sunshine." You know, that's just life in every community, every state, every city, every country. You have choices. Some do it better than others.

[00:48:24] Cyndee Haydon: You know, Tracy, what was coming up for me is—I'll just share my own business owner hat, is when we're making, you know, again, we get a windfall from COVID and we made more money, I notice that I will invest and try more tech tools. I will invest in more travel. I'll do some of these things that, are they essential? No. But I had the money and I'm like, "Huh, let me try this. Let me try that. Let me try this." And I just this past month, I went through my expenses and I said, "Okay, what am I not really getting the same use out of that I used [00:49:00] to?" Right? And I cut significant money that just said they weren't bad things.

They just weren't the right things for me today, and I could use what I have. I don't have to have every add-on, every shiny object. And so, you know, and the second thing is, you know, in my home, oftentimes we have older housing stock and I might say, "Hey, I would love to renovate my bathroom. But I'm gonna wait till I have the money. I'm not gonna put it on credit. I'm not gonna do whatever." But, you know, I don't, my bathroom works. My toilet still flushes. My shower still showers. You know, am I gonna be in Better Homes and Gardens? You know, maybe not, but, you do what makes smart sense.

And so I think that there's decisions like that that really aren't between me... you know, imagine the shoe's on the other foot and you say, "Okay, Cyndee, there's gonna be a cut." And what if I said to you, "Well, then that means I'm not gonna be able to pay my mortgage." Like, tell me of all the expenses I have, why would the mortgage payment be the first thing I [00:50:00] quit paying? Mm-hmm. Nobody would do that. Why would fire and police be the first thing you quit paying? Doesn't make any sense, right? It doesn't make any sense. Common sense tells you that we don't make decisions like that, and I don't believe they're gonna make decisions like that.

[00:50:14] Tracy Hayes: Yeah... No, I, I really think the naysayers here that are, you know, the opposition if we would call it, coming out, if they actually went in and, really got down and did a DOGE report on their local government, on their local situation of where money was spent in the last handful of years and like, they would be like, "Yeah," but they're jumping to conclusions. "Oh, I'm, I'm gonna have to tighten my belt." Yeah, no one wants to go on a diet, but every so often you gotta rein it in and you've gotta get out there and get, get back in shape and, and, and I think that's what this is going to make them do. They're gonna have to get smarter in how they're, they're spending the money.

Uh, I think they're... We can only envision as we all evolve, like we've talked about several times here, [00:51:00] they will evolve and do things better than they have been doing with knowing where the money comes in and if it is a little bit less than before.

[00:51:08] Cyndee Haydon: The other two things I think we have to keep in perspective, 'cause government seems to be one of the few places that you could just get less... Like, so say I gave you 100,000 and you were expecting to get 120,000 and you only get 110,000, government seems the only place that talks about how they got the loss. Right. Well, no, you had 10,000 more. How is that a loss, right? Right. So what I look at, and I keep hearing people that are diving into this, you know, Pinellas County's completely built out, so this is not my, you know, everyday experience, but I know yours is in Jacksonville. That area's booming.

It's many times what they're talking about as a reduction in revenue, I don't see them talking about, again, the reassessment windfall tax that they're gonna get, and I don't see them when they know that there's gonna be 1,600 new homes. All of those are new to the roll. So we don't hear that part [00:52:00] balancing the conversation either.

At least I'm not. Right. So again, I think sometimes it's like the worst possible light with the worst possible things so that people are afraid and you're like, wait a minute, what about this extra gain? What about all the new construction? What about, you know, these things? and so, you know, most families could find 10% if they had to, and the new law makes you identify it.

All of those things say this is a conversation worth having and that Floridians need tax relief and affordability. And listen, if Floridians do not vote for it at 60%, it's been 18 years since we had the opportunity, and it was all the way back to the 1980s before that. So this is probably, in yours and my lifetime, this is our one chance to make a difference, not only for ourselves, but for my kids and my future grandkids.

Right? How many people today who were there in 2008 know they [00:53:00] helped all of us along the way? And every voter has the opportunity to do that for themselves and future generations, and that's why I think it's important to vote yes and make a difference.

[00:53:15] Tracy Hayes: Right. Right. I mean, it increased to 50,000 in 2008. Look at the value of the average and median home value then to what it is today, and you start to reflect. I think the common person doesn't reflect on the cost of money then, what was the value of homes then, you know, that kind of thing and you factor those things in. And, like you said, the affordability obviously is a national topic, and this is the voters' opportunity to take a shot at that. Critics say Florida Realtors is backing Amendment 3 because more transactions at higher prices is good for commissions. How do you answer that directly?

[00:53:55] Cyndee Haydon: Well, again, you know, what's funny about it, I'm not a political person and this is not a [00:54:00] political issue, but when you get involved in something, you hear all kinds of things. So here's what I'm saying. What I'm asking you is, does the sheriff hope there's more crime so he can make more money? Does the fireman hope there's more fires so they make more money?

Do the doctors hope there's more illness? And so here's what I will say, and you know this about me. I've been a realtor for 21 years, and I'm proud to be involved at Florida Realtors and at the National Association of Realtors, and part of why we stood up and we took our members' hard-earned money to help educate the community is this. We all, you and I both, help people get into homes. But what people forget, and why this is so important, is who is helping them afford to stay in a home? There is no association of homeowners. We do it every day. You've seen us do it on insurance. You've seen us do it on [00:55:00] Hometown Heroes. You've seen us do it on a lot of things, on water quality and other things.

And what I'll tell you is, honestly, if this doesn't go through, we will likely make more money with people having to sell because they can't afford it and a new buyer coming in. So I'd rather keep people where they are and I make zero, and I will gladly take it all day long, than to force out good people who made an investment and they have to keep renting their home from the government in the form of property taxes.

And I wanna add something to that. Mm-hmm. In 1934, when Florida started doing property tax, you did not pay property taxes if your property was not over $5,000 in value. The average home at that time was $2,500. So originally when property taxes were designed, it was really that the majority of the people did not pay property taxes, so they had a pathway to retire and live in that home for the life that they had planned.

[00:56:00] Somewhere along the way it kept getting smaller and smaller and smaller to where now our property homestead exemption makes up like 11%. So even though people think all that, we're still covering a huge portion of it and the real question, as you and I in particular start to look to our next chapters in life, is I'm realizing I probably can't stay in the house I'm in.

I can't afford to quit working and cover the property tax bill that keeps rising on, you know, a fixed income. And so that's part of what, for me, has made me realize, you know, in sitting across the kitchen table, how critical this is to the people we serve every day. And so, to the people that say that, you know, I've gotten a taste of what politics is and this is not political for me. This is about our community and fighting for it. And so I just smile because I think again, I would ask people to use common sense. Yeah. Is it better for people to have to [00:57:00] sell 'cause they can't afford it and I get to sell it to a new buyer or is it buyers coming in? Like—

[00:57:05] Tracy Hayes: They're

[00:57:05] Cyndee Haydon: gonna move for

[00:57:06] Tracy Hayes: what their regular reasons anyway.

Why increase the reasons why they have to move? And no homeowner wants, oh, another reason why they might be forced out of their home. You know, there's already enough death, divorce, whatever, you know, things, yeah, that change in our lives, jobs or whatever. There's enough of those. We don't need another thing to add to that list. Yeah. Yeah. We've talked about it a little bit. The question I have is, what's the most common argument that you've heard against the amendment, and how do you respond? Have we covered that or is there any argument

[00:57:34] Cyndee Haydon: that you're hearing

[00:57:35] Tracy Hayes: that we haven't talked about?

[00:57:36] Cyndee Haydon: No, I think that fundamentally the answer is that, you know, they're saying there's not enough money to even cover health and public safety.

What I do know is there's another layer to the implementation process, which is, in 2027, there is a budget review process that only happens every 20 years, where the legislature has a [00:58:00] group of people, and that's part of how some of these things will get ironed out. It's above my pay grade. Mm-hmm. But what I know is, again, it's the perfect time because once we commit to this, they'll know exactly what they're dealing with to then implement future, you know, where do they need to move stuff?

How do they need to help people? What are realistic issues? And so now is the time. And you know, some people say the other objection is, "Well, it's not perfect." And of course I always say perfect is the enemy of, you know, good. And the reality is when locals say, "But we could have done better, and we could come up with something better," my real question is—it's been doubling, I know, since COVID dramatically.

So where were you? Where is the proposal? And the governor started talking about this passionately two years ago, so it's not a topic that popped out. There were some wording issues that had to get refined, and so that's why Florida Realtors didn't really get involved [00:59:00] until we knew exactly what it said.

We weren't gonna get behind something when we don't know what it says. But the point is, this conversation has been happening in earnest for two years. So if these local and county governments were going to do it, where's the proposal? And so people that want to think that they're gonna wait on someone else, I'm just gonna tell you that you may be waiting another 18 to 40 years.

That's how often it comes up.

[00:59:29] Tracy Hayes: You made an interesting point here. This is an underlying story that's not out there, in that, in our legislature, every 20 years they've gotta do, and I, you know, being at the top of the government, I guess, was my CDD community. We would have every so many years a, you know, well, some people would just use the broad term of an appraisal done, but the state, I imagine, it is the same thing.

This is what's going on. This is what we want to have to happen in the next 20 years. We're gonna need this road, these highways, all this type of stuff. [01:00:00] This is gonna have to be renovated, redone, whatever it is, and that budget number's coming. So if you don't do this now, then that comes out. It's just going to—it's like, you know, worrying about your weight after you go and eat the birthday cake.

It's like, should you eat the birthday cake first? So they're gonna have to evaluate and readjust some areas and really get down to looking over, like we said, even at the local level, but at the state level, what their expenditures are going to be over the next 20 years to readjust the budget with the new adjusted homestead exemptions, hopefully it passes. And you're 100% right. We need to do this now because of that.

[01:00:41] Cyndee Haydon: So it all aligns that we have a plan for the next 20 years going forward. So again, you know, this is our one shot, in my opinion. It's the one shot probably in my lifetime, which is why I've been so, you know, gracious and grateful for people like yourself helping to educate and give people the facts.

And I will [01:01:00] tell you that if people want more information, there is a website, voteyeson3.com. There's also a page on Facebook because if you go there just to be an eye-opener, there's actually an interactive map that will show you how much your county's property taxes have increased in the last 10 years.

And you have to ask yourself, has your family's income increased by that amount in the last 10 years?

[01:01:26] Tracy Hayes: Yeah. Yeah, right. 100%. Practically, talking to our agents who are listening, what should an agent tell a buyer or seller about Amendment 3 right now? Of course, we are, you know, this is gonna come out about two weeks before November 3rd.

People are starting to— But what should they, what could they be talking to their buyers and sellers about right now?

[01:01:46] Cyndee Haydon: Well, my hope is, just like with every voter, and they're a voter, that they would educate themselves on the impact, on what it really means, on how it could help people that they're serving, and why, you [01:02:00] know, they should vote yes on Amendment 3.

You and I both know, I know a lot of my clients, I've been able to clear up some of the confusion from other advertising or mailers or whatever, and I think they need to understand what's in it for them and how does it work and why would they do it. I don't see a downside to it for, you know, again, our clients.

I think it's our one shot to have a voice. I think it's important to use it, and I think we'll figure out the rest. Like I said, you and I have seen, I mean, the perfect example is insurance to the degree that Florida had 9% of the claims or 7% of the claims and, like, 80% of the lawsuits, right? Mm-hmm. And that system was broken, and we all, with the legislature, worked on it and got that reformed. And look at today. I just had a client, just to tell you, I have a short-term rental client, a second home, and he was paying $10,000 a year on homeowner's insurance. We just got a quote for $4,353, saving him $5,700.

That's the kind of, you know- [01:03:00] Florida still has risk, as I can tell you as a hurricane survivor. So we're never gonna be cheap, but what we needed was something that was, same thing we're talking about here, stable, that I can budget. So if I make a decision and I look at the three legs, what's my interest rate?

We typically have a 30-year lock. What's my insurance? And if it's moving at a rate that's, you know, 1% a year decreasing, I can make a plan. And then my property taxes. And so I know for me, and I know for you, when we talk to people, we wanna help them make a decision they can afford past the closing table.

We've always been that way. And when things are out of balance, we know that people that got in don't have the luxury of salaries and incomes also rising at a rate they can keep up. And I don't wanna be looking at someone that tells me, "I can't afford this," when we did everything right.

We did everything right. And so I'm saying this is a chance to use common sense and put the, you know, the tax relief where the homeowner can benefit and the renter of the [01:04:00] future, homeownership can benefit and the commercial properties can continue because listen, no community exists without commercial property.

They are the infrastructure, so them winning is all of us winning as well, and Florida Realtors continues to be very focused in making sure that they're strong and stable as well.

[01:04:19] Tracy Hayes: No, I think the term winning, I think this is a win-win all the way around. And really, when you look at, of course, the one number that I didn't have was roughly, as you said, roughly around a third of the homes are homestead exempt, so we're not looking at the majority.

And then when you add the commercial properties in there, all these things have, you know, it's great. I live in St. Johns County, we're growing, so new things are coming in. They're building new restaurants and so forth. That's not the case in every part of Florida. Some places are built out, and now sustainability, and can they sustain?

Can a new business come in and survive and compete if... And if the taxes are so high 'cause they keep [01:05:00] going up, keep going up, keep going up, they never—a new business can never enter into that game. And we know not every business survives for other reasons: death, divorce, bankruptcy, didn't manage it correctly.

All those things in life happen. And, you know, it's the flow of the community and keeping the community healthy and having the shops that you want, having the restaurants that you want, all those things that make up your community. And I, I think when people really sit down and think about it, it's steps like this, and it makes me go back to something you said a couple questions ago about some of these other places: "Oh, we could've done something better." Well, where were you? I mean, where... Right. The door was open for anyone to, to come forward, and, then DeSantis came forward. And obviously, from what I'm... The more and more I study, and yesterday I spent a lot of time going to different websites, using AI to answer, you know, pulling all the information, and it looks like they kinda captured every possible objection, how they were gonna cover it or meet in the middle.

There's a lot of, you know, obviously [01:06:00] that's part of life is, you know, some sort of, a collaboration or, or, a mediation to, you know, not everyone's going to win on everything. But they covered a lot of corners.

[01:06:09] Cyndee Haydon: And, you know, they originally wanted to do a plan to do away with property taxes, right?

Because I remember when Governor DeSantis said, "Hey, when you go to Home Depot—I mean, when you go to Best Buy and you buy a TV and you pay them and you pay the sales tax, you get to go home, but you don't have to keep paying them every year to get to use the TV that you bought," right? Right. And he said, he said, "Why are we renting our houses from government?

Because the minute you don't pay your taxes, you got a tax lien, and they can take it away from you." And so I, I just do think that this is the time, and I do think that it has been thought out. And I also think that, you know, some people will say, "Oh, well, you know, the state should take care of the state."

And, but, you know, the state's been a role model. The last four years they have cut and whittled away at the debt. They've been under budget. They've put money in reserves, and they've still funded, as you know, [01:07:00] they've funded My Safe Florida Homes to harden. They have funded Hometown Heroes to help people get in homes, and water quality, because, you know, people don't move here for the mountains.

And they have funded and worked on, you know, insurance reform and those kind of things. So all the things that go with the quality of life, they haven't cut those. Again, they didn't say, "Well, we're gonna lower our budget. We're gonna cut our budget, but we're not gonna do anything for hometown heroes.

We're not gonna do anything for insurance. We're not gonna do anything with water quality." That's kinda what the locals are doing. It's kind of, in some ways, almost insulting to common sense because, you know, again, I'm not gonna say the first thing I'm gonna cut is quit paying my mortgage. I mean, I just...

That doesn't make sense.

And so I think we deserve better conversations, and there's real solutions, and this is the pathway forward, which is why I'm supporting Amendment 3.

[01:07:53] Tracy Hayes: Yeah. Last full question here, so a little rapid, little true/false, just in case, uh, we got some people out there, but it'll make a [01:08:00] good reel.

So, true or false: Amendment 3 is a one-time tax break.

[01:08:06] Cyndee Haydon: False. The relief is gonna be every year for homeowners, and it will actually increase with cost of living over time.

[01:08:14] Tracy Hayes: Amendment 3 cuts school taxes.

[01:08:16] Cyndee Haydon: Absolutely false. School taxes are not touched by Amendment 3.

[01:08:22] Tracy Hayes: Amendment 3 eliminates property taxes.

[01:08:25] Cyndee Haydon: False. It does shield more of our home's value from those county and city taxes, but property taxes do not go away entirely.

[01:08:33] Tracy Hayes: Amendment 3 only matters to homeowners.

[01:08:37] Cyndee Haydon: False. We've talked about, you know, and how it slows the taxes growing on non-homesteaded from the 10% down to 5%, but at the end of the day, what it really does and why it matters is it brings more predictability and stability for renters and small businesses, which actually is good for all of us.

[01:08:55] Tracy Hayes: Amendment 3 forces cuts to police and firefighters.

[01:08:59] Cyndee Haydon: [01:09:00] False. There is nothing in the amendment that requires that. It actually directs in writing when you read the amendment that local property tax dollars must go to public safety first.

[01:09:11] Tracy Hayes: Amendment 3 applies to second homes.

[01:09:14] Cyndee Haydon: The bigger exemption, the $150,000 to $250,000, does not.

That's your primary home. But they can benefit from the lower 5% cap. So we were talking about our 3% cap. That's something that, you know, they're gonna feel much better at 5% when they're planning on a property long-term.

Amendment 3 lowers my insurance.

False. It does lower, though, the one leg of the stool of rising costs that voters can actually control, which is property taxes.

We don't control anything else. This is our one shot.

[01:09:49] Tracy Hayes: Only voters can make this change.

[01:09:52] Cyndee Haydon: True. It is a constitutional amendment, and so it's in Floridians' hands.

[01:09:58] Tracy Hayes: Amendment 3 needs a [01:10:00] simple majority to pass.

[01:10:02] Cyndee Haydon: False. That's where it gets tough, is because we need 60%, so every vote counts. And so, you know, that's where, when you were asking what can realtors do or what can, you know, anybody listening to this do, have conversations with your neighbors and friends, 'cause there's a lot of miscommunication.

Even share this video with them so they can be educated and get balanced information. Because I have talked to many people who were undecided or didn't think they were voting because of what they'd heard, not understanding how it really worked. And so if there's one thing you could do to make a difference, is make sure those people you care about know that this is gonna help today as well as our kids and grandkids in the future.

[01:10:48] Tracy Hayes: Well, the opposition on the other side, "Well, then the counties will just go out there and, raise their millage rates. They'll just go and start charging exorbitant amounts of money for, the many different things that, [01:11:00] you know, I don't wanna say fishing license, that's done by the state, but little local fees that you may get a permit for something.

They're just gonna start increasing those to make up the difference. What do you say to someone like that?

[01:11:12] Cyndee Haydon: Yeah. Well, I would say that the average voter is smart, and if that's the path that the people in office choose to take, then that's why we have a ballot and we have elections.

You know, that we have people to answer to. Right? I mean, and the fact that we're gonna know locally that it's just not a bucket that flows in, that we weren't part of the conversation. That if they're gonna prioritize things, I think every resident is gonna say whether we agree with those priorities, and if not, we're gonna find people that do.

[01:11:44] Tracy Hayes: Win or lose on November 3rd, what does Florida Realtors do the morning after?

[01:11:50] Cyndee Haydon: Yeah. Well, win—I'm hoping we win, obviously, because that's gonna make a difference for the affordability, and we continue [01:12:00] to hear from Floridians they need relief and they need it now. But, you know, no matter what, our commitment's the same. I mean, we have worked alongside our lawmakers, our local leaders for years on issues like property taxes, on improving the insurance market, and on expanding hometown down payment as—I mean, down payment assistance.

So, you know, all of that doesn't stop after November 3. We respectfully appreciate the job that everyone does, but we also feel it's important to stand up for property owners and future property owners to make Florida stay affordable. And so if it—when it does pass, excuse me, on January 1, we will then be part of working on the implementation.

You know, what's nice about Florida Realtors is we have 230,000 members, so we are in every neighborhood, every county, every city. And so we, the way we do [01:13:00] advocacy is we hear from the grassroots and give input as to what's really happening, and we're there as a resource and a partner to make sure our community stays strong.

That's always what we are fighting for. And this won't be the final word on property taxes. As we said, the Florida Taxation and Budget Reform Commission will take a broader look at that, at our whole tax system next year. I look forward to being part of that conversation for sure.

[01:13:24] Tracy Hayes: Being a current treasurer, former secretary, is there, besides this Amendment 3 right now, which is, obviously we're gonna know here in a couple weeks, so the game is almost over as far as the lobbying or this kind of thing.

Is there anything else on the agenda that, you guys are, are looking to take up in the next year? Is there something on the radar screen that we don't know about just out there?

[01:13:48] Cyndee Haydon: Well, as we head into any new year, we actually have several different committees—we call them think tanks, about all areas, you know, about land use, water quality, sewer, [01:14:00] insurance, property management, all the things on the horizon.

Mm-hmm. And we, we look at where, you know, Tallahassee is looking at making changes, and also looking at what locals and cities are doing, and where we can, you know, have a voice in protecting property rights. But you know, right now we are, we are 100% focused on asking people to tune out the noise, right, around Amendment 3, and make a decision based on one simple question.

And that is, would more room in your budget help your family? Because that's really what it's about for millions of Floridians. It's really that simple. Regardless of all the stuff we've heard, it all comes down to, would more money in your pocket help your family? And if that answer is yes, then vote yes for Amendment 3.

Because all the what-ifs and all the maybes are noise. And what we do know is history has proven that we figure it out. It proved it in 2008, it proved [01:15:00] it in 1980, and it proved it in 1934.

And so I'm encouraging people to please vote yes for Amendment 3 and say yes to tax relief today.

[01:15:11] Tracy Hayes: I think people think that money, disappears, but if you take that, I don't know what was—how many billions of dollars they expect, you know, if no other new homes obviously are built, right? This is the current population of homes, and this is what we're taxing them at and, and obviously you put those reductions and they already calculated, that we'll take in so many billions of dollars less.

But when you put those billions of dollars into every homeowner's hands, what are they going to do with it? They may, you know, get something done on their house and improve it. They are going to go spend it somewhere else. Maybe they're gonna do something with it. Is it a whole heck of a lot of money?

No. But when you go back and then all of a sudden maybe they go over to Disney World, buy another Disney World ticket, I don't know, but there's taxes being charged on that. That money, it's not... All that money doesn't just disappear. It's being re-spent back into the [01:16:00] community whether it's, you know, hiring someone for a service or buying a product that's being, you know, a sales tax.

They're getting a portion of it back. So it's kinda like that thing where you said they ask for a budget of 120, you give them 110, and they, they tell everyone they lost $10,000, right?

That's-

[01:16:13] Cyndee Haydon: Yeah. And I think the—yes. And I think the thing that I just keep coming back to, to me that just makes it all make sense, is how do we go from having a budget before COVID that was in the 30 millions, now we're in the 60 millions, and by 2032, they're projecting 83 million. Mm-hmm. Billion. Billions, with a B. I said that wrong. All of that. It's a runaway train.

So we have a chance to slow it down, but I mean, at the end of the day, think about your own life in the last seven years. I mean, again, 30-something billion to 60 billion to 83 billion, like common sense says we can afford to give the people [01:17:00] a small break and keep affordability and keep people in their homes because it doesn't stop at the closing table. So, yeah. I really appreciate you diving so deeply into this, and I hope people will take the time to really understand it because I think when they do, they'll realize that, and feel more confident, that saying yes is saying yes to all of us working together and continuing to make Florida a place where we can stay and live and also, you know, again, our children and grandchildren, for me, is important.

[01:17:35] Tracy Hayes: One last question for you.

[01:17:36] Cyndee Haydon: Just

[01:17:37] Tracy Hayes: to kinda give everyone a, a... Where can voters learn more before November 3rd? If listeners remember one thing from the episode, what should it be?

[01:17:45] Cyndee Haydon: I think that first of all, you could go to voteyeson3.com, which is a website that has all the facts there, you know, so you can definitely go there.

And that, again, [01:18:00] we need—every vote counts, and this is your opportunity to make a difference. You have the power, you have the vote, and it's incumbent upon each of us to use it because we have the ability to put more money back in our pockets and help Florida stay affordable and livable for those of us that are here and for those of us that want to have a home and be here in the future.

And so, yeah, I would say, you know, use your power, make a difference, and vote yes on 3.