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FL Amendment 5 - Annual Inflation Adjustment for Homestead Tax Exemption
| INCUMBENT |
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Party | YES |
| Name | Yes |
| Won | 11/05/2024 |
| Votes | 6,686,003 (66.02%) |
| Margin | 3,245,126 (+32.04%) |
| Term | 01/01/2025 - 01/01/3999 |
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Initiatives and Referenda DETAILS |
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| Parents |
> United States > Florida > Constitutional Amendments > 2024 Initiatives and Referenda
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| Established | 00, 0000 |
| Disbanded | Still Active |
| Contributor | RP |
| Last Modified | RP July 30, 2024 07:23am |
| Description |
As of 2024, in Florida, property tax (millage) rates were set by counties, school districts, cities, and special districts. Homes in Florida are assessed at just value (market value), minus the homestead exemption. The homestead exemption reduces the taxable value of a property. Every primary residence is eligible for a $25,000 homestead exemption, which exempts that amount from all taxes. Another $25,000 homestead exemption is applied on a homestead's value between $50,000 and $75,000, which exempts that amount from all taxes except school district taxes.
The amendment would provide for an annual inflation adjustment for the value of the homestead property tax exemption that applies to non-school taxes. The adjustment would be made every year on January 1 based on the percent change in the Consumer Price Index reported by the U.S. Department of Labor if the change is positive.
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