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Florida Amendment 5: Limit on Homestead Exemption

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Ballot language: “Proposing an amendment to the State Constitution, effective Jan. 1, 2021, to increase, from two years to three years, the period of time during which accrued Save-Our-Homes benefits may be transferred from a prior homestead to a new homestead.”

Background and details on Amendment 5

| A YES vote would:|A NO vote would:
– Help homeowners who sell their home late in the year by allowing more time to transfer their SOH benefit to a new home
– Reduce property tax revenue available for funding local schools and other services like police, fire and infrastructure
– Limit the ability of local governments to control their budgets based on their county needs.
– Add tax law to the Florida Constitution making it difficult to alter in response to changing or emergency economic conditions
– Maintain the current Save Our Homes exemption two-year portability period which begins Jan 1 of each calendar year, effectively reducing the amount of time (to as little as one year and a few days) that late-year home sellers have to buy a new home and transfer their SOH discount
– Not impact current level of property tax revenues available for funding local schools and other services like police, fire and infrastructure**
– Leave property tax law out of Florida’s Constitution, more fully preserving local governments’ control over county budgets and their ability to efficiently respond to current and future community needs