By Clint Thompson
Much will be on the ballot when voters flock to the polls for the mid-term elections on Tuesday, Nov. 3. For Floridians, it will present an opportunity to vote on Amendment 2, which could significantly impact the state’s row crop and specialty crop growers.
Amendment 2 is a proposed amendment to Florida’s Constitution and addresses tangible personal property taxes on pieces of equipment used in agricultural production and agritourism. Tangible personal property includes tractors, irrigation systems, tools and other farm equipment. Growers pay taxes on the value of that equipment every year.
If voters vote to approve Amendment 2, it would exempt certain farming equipment from the annual tax bill farmers are saddled with every year. It would have to be located on land classified as agricultural; used to produce agricultural products or support agritourism; and owned by the agricultural landowner or leaseholder.
If passed, the exemption would first apply to tax years beginning Jan. 1, 2027.
FFVA Support
According to the Florida Fruit and Vegetable Association (FFVA), the amendment would have significance for the state’s fruit and vegetable producers.
“While Florida currently exempts the first $25,000 of a business’s tangible personal property value, the cost of farm equipment continues to increase and can far exceed that amount,” according to the FFVA website detailing Amendment 2.
“FFVA supports Amendment 2 because reducing taxes on essential agricultural equipment would help lower operating costs and strengthen the long-term viability of Florida farms. Supporting growers helps protect Florida’s agricultural production, rural communities and working farmland.”