Overview Of The 5 Tax Amendments On The 2012 Florida Ballot

Included among the eleven measures which are set to appear on the November 6 ballot are five that will give Florida voters the opportunity to put more tax breaks into the Florida Constitution.    Here is a brief overview of each amendment:

Amendment 2 – also known as the Florida Veterans Property Tax Amendment would amend Article VII Section 6 (Homestead exemptions) of the Florida Constitution to expand property tax discounts for disabled veterans.  As written now, the Constitution only provides a deduction if the disabled veteran was a resident of the state at the time of entering the military service.  The bill extends this right to all combat-disabled veterans currently living in Florida whether or not they were residents prior to their service.

Amendment 4 – would amend Article VII, Section 4 (Taxation; assessments) and Section 6 (Homestead exemptions) of the Florida Constitution.  The proposed amendment (1) would prohibit increases in the assessed value of homestead and specified nonhomestead property if the fair market value of the property decreases; (2) would reduce the limitation on annual assessment increases to non-homestead property from 10% to 5%; and (3) would provide an additional 50% homestead exemption to first time homeowners (defined as those who have not owned property within the 3 calendar years immediately preceding the purchase).  The additional homestead exemption for first time buyers would be capped at $200,000, would not apply to school district levies, and would be phased out for the buyer over 5 years.

Amendment 9 – also known as the Florida Property Tax Exemption for Surviving Spouses would amend Article VII Section 6 (Homestead exemptions) of the Florida Constitution to allow the Florida Legislature to provide ad valorem tax relief to the surviving spouse of a military veteran or first responder who was killed in the line of duty.

Amendment 10 – also known as the Florida Tangible Personal Property Tax Exemption Amendment would amend Article VII Section 3 (Taxes; exemptions) of the Florida Constitution to provide an additional exemption from ad valorem taxes on tangible personal property valued ad more than $25,000 but less than $50,000 and would authorize counties or municipalities to provide additional exemptions from ad valorem taxation on tangible personal property by ordinance as provided by general law.

Amendment 11 – also known as the Florida Senior Homestead Tax Exemption would amend Article VII Section 6 (Homestead exemptions) of the Florida Constitution to authorize the legislature to allow counties and municipalities to grant additional homestead tax exemptions in an amount equal to the assessed value of the home, up to $250,000, to homeowners over the age of 65 who have maintained their residency for at least 25 years and whose household income does not exceed $20,000.

Each amendment will require a 60% voter approval for adoption.