The amendment extends from two to three years the time period for transferring accrued benefits from a state program limiting annual increases to the taxable value of properties that have received a homestead tax exemption.
As of late Tuesday, the amendment was approved 74.5% to 25.5% with 93% of the votes reported.
Under a current Florida law known as Save Our Homes, the state exempts a portion of the just value of qualified property, according to an analysis. Annual increases to the just value are capped at 3%, and the difference between that value and the assessed value of the property is the Save Our Homes benefit, which can be transferred to a new homestead.
The amendment will take effect next Jan. 1 and is estimated to reduce local property tax by $1.8 million for the 2021-2022 fiscal year. The resolution placing the amendment on the ballot, House Joint Resolution 369, was passed by the state Legislature in March.
--Editing by Vincent Sherry.
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