A state policy research institute said Florida counties will have $406 million less in property tax revenue over the next five years after Amendment 5 passed.

Florida voters on Tuesday approved raising the state’s minimum wage to $15 an hour over the next six years, which advocates say will lift the pay for hundreds of thousands of workers in the state’s service-heavy economy. A supermajority of Florida voters approved the amendment to the Florida Constitution that will raise Florida’s minimum wage from the current $8.56 an hour to $15 an hour by 2026. Although Florida’s current minimum wage is higher than the federal minimum wage of $7.25 an hour, supporters of Amendment 2 said it is impossible to live on that wage given the state’s cost of living. Raising the minimum wage to $15 an hour will increase the income of a quarter of Florida’s workforce, according to the Florida Policy Institute. Florida joins seven other states that have made plans to increase the minimum wage to $15 an hour over the next several years.

JACKSONVILLE, Fla. – Florida Amendment 5 involves extending your homestead exemption. To understand what is at stake here, you need to first understand what the Save Our Homes amendment is. That’s significant because the assessed value of your home is what determines how much you owe in property taxes each year. NEWS4JAX VOTER’S GUIDE | Florida Amendment 5: Limit on Homestead ExemptionSo what does that have to do with Amendment 5? If you do not think homeowners should be given more time to use that property tax savings, then you should vote “no” to Amendment 5.