From Key West to Pensacola, Floridians are on the edge of their seats to find out what will happen to their property tax bill. Amendment 3 is the highest profile and visibly impactful question on the ballot. It is commonly described as “eliminating” property taxes in the state. That is far from the truth.

To hear Broward County Property Appraiser Marty Kiar explain the details, click the video above. Here are some of the most salient points.

If passed by 60 percent of voters, it will raise, over two years, the homestead exemption to $250,000 from the current $50,000 of assessed value.

Many are worried about funding for two key services: public safety and education. The increased exemption will not count. In Broward, school is about 40 percent of tax bills and that will remain the same.

Public safety is a different issue. If municipalities are forced to cut budgets, they could slash spending on police, fire, and EMT protections.

Rents could skyrocket. Non-homesteaded properties, such as apartments, will not have a tax break. Restaurants and shops could face the same issues, meaning higher prices for food, entertainment, and more. Cities could raise tax rates on them.

Cities could also raise the tax rate (mills) on the value of properties that surpass the exemption. For example: if a home is worth $350,000, $100,000 would still be taxable.

Municipalities could also increase fees, such as fire, water, waste, and trash.

Photo courtesy of John Hayden/Greater Wilton Manors.