Amendment 4 will be on Florida’s ballot in November. The amendment will lower property taxes for new homebuyers and give a boost to the housing market offering a healthy new exemption for first-time homebuyers. The proposal will also help protect working families, small businesses and homeowners from unfair and unexpected tax increases by helping to stop “recapture”, a tax that increases property taxes even when property values decline. Lastly, the amendment will lower assessment increases on non-homestead properties from a burdensome 10 percent to a more reasonable 5 percent.
So in a nutshell –
- Amendment 4 creates additional homestead exemption for first time buyers for 5 years.
- Amendment 4 protects Floridians from increased property taxes when their property values have declined.
- Amendment 4 lowers the max yearly assessment increase on non-homestead properties from 10% to 5%
- The additional homestead exemption created by Amendment 4 is equal to half of the home’s value, up to the median home value in the county.
The new homestead exemption in Amendment 4 is applied to your current homestead exemption so it will not replace the exemption in current law. It will not affect the current budgets of local governments because it is not retroactive.
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