Commercial real estate owners in Florida may face a significant increase in their property taxes in 2019. The property taxes will increase unless 60 percent of voters in the state agree to permanently extend a cap on the taxes assessed on non-homesteaded property. The issue will be settled via Amendment 2 on the November ballot.
In Fort Walton Beach, development has been approved on the Florida city's waterfront, meant to promote tourism, entertainment and a range of other activities. The Fort Walton Landing received a grant of $1.6 million from the state environmental protection department to pursue upgrades to the park. Among other changes, the redevelopment will include the renewal of 875 feet of boardwalk that borders the Santa Rosa Sound as well as benches and trash receptacles for the walk. The renovation will also include lighting and sidewalks that comply with the requirements of the Americans with Disabilities Act.
A NAIOP Commercial Real Estate Development Association survey found that Florida's commercial real estate sector added nearly $190 billion to the state's economy in 2017. That was the third-most of any state trailing only Texas and California. It was also third behind Texas and California as it related to commercial real estate spending at $99.3 billion. Florida also ranked highly in several other categories related to construction spending and economic impact.