We report on microcavities comprising para-magnetic garnet and electro-optic films (MPMEO) for modulation of the polarization rotation angle of light at near-UV wavelengths with a slight intensity change, with applying a low voltage. The MPMEO are composed of para-magnetic garnet and electro-optic films sandwiched between two Bragg mirrors. The microcavity states in MPMEO are split and yield both the large rotation angle and high optical efficiency. Significant enhancement and modulation by applied voltages are verified through a conventional matrix calculation approach. High optical efficiency (>90%) and large modulation (~90 degree) of the polarization rotation are proved.