Passed by a majority of Florida’s voters in 2008, this legislation changed several items relating to property assessment and exemption. In brief, it does the following:
1. Increases the homestead exemption to $50,000 except for school district taxes.
2. Allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits to their next homestead.
3. Provides a $25,000 exemption for tangible personal property.
4. Limits assessment increases for specified non-homestead real property except for school district taxes.