Florida Amendment 5: Extends “Save Our Homes” from two to three years’ portability

On November 3, 2020, Florida voters will not only be voting on who they would like to see be their next President of the United States, their next Congressperson, or their next State Senator or State House Rep, there are 6 amendments. The amendments would change Florida’s Constitution if we pass them. They need a 60 percent supermajority of votes for a proposed amendment on the ballot to change the state’s Constitution.

Floridians’ property taxes are protected from rising over 3 percent in any year from the “Save Our Home” homesteading exemption. When one moves from one home to another, they have two years “portability” where they can keep that property tax protection and potentially keep their property taxes lower than their new neighbors. Under the proposed Florida Amendment 5, it would extend that portability time frame to three years instead of two.

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The summary language voters will see on their ballots reads, “LIMITATIONS ON HOMESTEAD PROPERTY TAX ASSESSMENTS; INCREASED PORTABILITY PERIOD TO TRANSFER ACCRUED BENEFIT.—

Proposing an amendment to the State Constitution, effective January 1, 2021, to increase, from 2 years to 3 years, the period of time during which accrued Save-Our-Homes benefits may be transferred from a prior homestead to a new homestead.”

Unlike Florida Amendments 1-4 which were citizen’s initiatives, Amendment 5 is a proposed change to Florida’s Constitution by the Florida legislature earlier this year and voter will vote whether to pass it in the general election on November 3, 2020.

Homesteads, or primary residences, are subject to property taxes in Florida, which are assessed at just value, except that every primary residence is eligible for a $25,00 homestead exemption. Another $25,000 homestead exemption applies to homesteads that have an assessed value of more than $50,000 up to $75,000. The homestead exemption reduces the taxable value of a property. The “Save Our Homes” protection does not extend to non-primary residential or commercial properties.



Categories: Government, News, Politics, Real Estate

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