January 29 Constitutional Amendment on Property Taxes
 
This revision on the January 29 ballot proposes changes to the Florida Constitution relating to property taxation. With respect to homestead property, this revision:

(1) increases the Homestead Exemption an additional $25,000 for values between $50,000 and $75,000, (but does not apply to school district taxes) and

(2) allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits to their next homestead.

For non-homestead property, it provides

(3) a $25,000 exemption for tangible personal property and

(4) limits assessment increases to 10% for specified non-homestead real property (does not apply to school district taxes.)

A vote "Yes" supports the amendment. A vote "No" does not support the amendment.

To become part of the state constitution, the amendment will have to pass with 60 percent of the vote on January 29, 2008. 

Implications of reduced values

Based on an analysis of the estimated reduction in values if the amendment passes, the CSC budget would face a loss of  approximately $5 million from our current budget level next year if held at the same millage rate as this year.