Everyone has been studying the issues and making political and personal decisions for the upcoming presidental election. There seems to be very little room in the spotlight for Florida’s upcoming State Constitutional issues, and yet they cover some important aspects of your life in our state. Four of these important ammendments involve real estate law, and you will find them on your ballot Nov. 6. Thus we thought our readers would want to know a little more about them, since they involve property ownership, mortgage stipulations, and your finances.

1. Veterans Disabled Due To Combat Injury; Homestead Property Tax Discount – This amendment will be important to you if you have anyone military in your family who becomes disabled. Vote for this if you want to expand “a special homestead property exemption to include combat disabled veterans who were not Florida residents when they entered the military. The discount would be based on a percentage equal to that of the veteran’s permanent, service-related disability. ” You can read more details by clicking here.

2. Property Tax Limitations; Property Value Decline; Reduction For Nonhomestead Assessment Increases; Delay Of Scheduled Repeal – Vote for it if you want to prevent increases in the assessed “value of homestead properties and some non-homestead properties when the market values for those properties decrease.” The ammendment also reduces “the annual growth assessment cap on non-homestead properties from 10% to 5%.” Most interesting of all, it would provide first-time homesteaders with an additional exemption equal to 50% of the home’s market value. Wow! The Florida Realtors Association has advocated and lobbied hard for this change. There are those who caution citizens: “Before you vote, ask yourself, can Florida really afford this?”

3.  Homestead Property Tax Exemption For Surviving Spouse Of Military Veteran Or First Responder — If you pass this ammendment, it would give a homestead property tax exemption to “the surviving spouse of a military veteran or first responder killed in the line of duty.” New law would permit the Legislature to totally or partially exempt a surviving spouse’s homestead property from being taxed.

4.  Tangible Personal Property Tax Exemption – Floridians with businesses will pay close attention to this amendment. If passed, it will “allow for an enhancement of the tangible personal property tax exemption.” The exemption would apply to property, such as equipment or furniture, with an assessed value that runs up to $50,000.” At present only the first $25,000 is exempt from “ad valorem taxes levied by counties, cities, school districts and other local governments.”

5.) Additional Homestead Exemption; Low-Income Seniors Who Maintain Long-Term Residency on Property; Equal To Assessed Value – Vote for this amendment if you would authorize the Legislature to let counties and municipalities grant an additional homestead tax exemption for low-income seniors. The exemption would be equal to the assessed value of a homestead property, if :

  • it is less than $250,000…
  • the owner has maintained permanent residence there for at least 25 years…
  • the owner is at least 65; and the owner has a low household income under law.

We suggest that you study all of the proposed Florida Constitutional amendments and prepare for your balloting experience. You will find all the amendments in addition to these real estate related ones at this source. Not only will you have your say about Florida government, you will lessen your time in the voting booth if you take a few moments to pre-read each proposal before you go to the polls.

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