WEST PALM BEACH, Fla. — The victory of Amendment 5 in Florida is being touted as a victory in cutting taxes for homeowners. Now approved and ready to go into effect on January 1, the amendment will adjust the homestead exemption for inflation.

Generally, the exemption is $50,000, allowing for example a home to be valued at $300,000 to $250,000. As the exemption increases, it could mean savings on property taxes.

“I think any time you can help people become homeowners, that’s ideally a goal,” said Florida CEO Jimmy Patronis.

However, the Republican-backed amendment raises some concerns.

“It’s a tax cut for homeowners, it’s a loss of revenue for local government,” said Melissa McKinlay, a former Palm Beach County commissioner.

The Florida Policy Project estimates that the state’s counties will lose more than $400 million in revenue over the next five years.

“Those dollars are used to pay for law enforcement, our firefighters, our roads, our water infrastructure, everything that local governments are required to do,” McKinlay said.

That could leave affected counties facing difficult choices.

“I think ultimately we’ve given countries a lot of tools to generate revenue and take care of their citizens,” Patronis said.