Florida voters approved Amendment One, a constitutional amendment of the Florida property tax system, which will bring sorely needed relief to homeowners in the Miami area. Many property owners have been feeling imprisoned in their homes, and unable to move because rising property taxes made it either impractical, or impossible to move from one home to another. With the passing of Amendment One, Miami area homeowners will no longer be as oppressed by their local government as they have been for years.
3. Gives a tax benefit to homeowners who are downsizing from a higher priced home to a lower priced home.
4.Puts a cap of 10% per year on how much a non-homestead property can increase in assessed value.
In short, here is what the amendment does for homeowners:
1.It doubles the existing homestead exemption from $25,000 to $50,000.
2.Up to $500,000 of value can be exempted from property taxes, when a homeowner transfers from one homestead to another of greater value.