Vote NO on 4...Again. The Vote No on 4 campaign is back, and this time is in opposition to Tax Caps on assessed values of commercial real estate. In November, if the public vote on Amendment 4 passes, commercial properties will bear the burden of under-assessed residential and already constructed commercial structures. BOMA Florida supports reduced tax burdens and fairness in taxation, but tax caps neither reduce taxes fairly nor render a fair taxation system. With tax caps, the tax burden is disproportionately distributed among owners, favoring those “first in time” who have secured a lower assessment. Future development and future transactions of real property are then burdened heavily. Essentially, this results in reducing economic growth, is directly in opposition to the commercial real estate industry’s efforts to climb out of this recession, discourages property owners who have accumulated a substantial portion of sheltered equity from selling, and encourages devaluation of newly constructed structures, thus reducing investment in the community. With pricing at an artificial low in the state of Florida, and price discovery on both residential and commercial properties so unstable, this is not the time to implement sweeping change in tax burdens. We encourage our members to Vote No on Amendment 4!