The 2024 Florida Amendment Series: Amendment 5
Bottom Line: There will be six proposed constitutional amendments on Florida’s ballots in November’s general election. Four of those proposed amendments were referred to voter ballots by the Florida legislature and two were citizen led proposals which met all requirements for consideration by voters. The fifth of the six proposed amendments set to appear on our ballots this year would provide for an annual inflation adjustment for property taxes capped by a homestead exemption. Here’s how the proposal will appear on our ballots in November:
Title: Annual Inflation Adjustment for Homestead Property Tax Exemption Value Amendment
Ballot Summary: Proposing an amendment to the State Constitution to require an annual adjustment for inflation to the value of current or future homestead exemptions that apply solely to levies other than school district levies and for which every person who has legal or equitable title to real estate and maintains thereon the permanent residence of the owner, or another person legally or naturally dependent upon the owner is eligible. This amendment takes effect January 1, 2025.
A "yes" vote supports an annual inflation adjustment to the amount of assessed value that is exempt from property taxation.
A "no" vote opposes an annual inflation adjustment to the amount of assessed value that is exempt from property taxation.
In support of the proposed amendment, the sponsor of the amendment in the state House James Buchanan has stated: This is going to encourage home ownership, drive down the cost of home ownership, and ensure over time, as the cost of living goes up, that is reflected in their homestead exemption taxes.
In opposition to the proposed amendment Bob McKee of the Florida Association of Counties has stated: What this does today is it shifts the burden. It shifts the burden from homesteaders to other participants in the property tax system — to businesses, to renters, to second-home owners.
The proposed amendment needs a minimum of 60% support to pass.