FL H0655

Reduces the annual assessment increase limitation on nonhomestead real property from 10 percent to 5 percent, effective January 1, 2011.

Creates an additional homestead exemption for first-time homestead buyers who have not owned homestead property in the previous 3 years, equal to 50 percent of the property's just value (capped at $200,000).

Additional homestead exemption applies for 5 years or until the property is sold, whichever occurs first, and decreases by 20 percent annually.

Exemption applies only to non-school district levies and is available only for properties purchased after January 1, 2010, with effective date of January 1, 2011.

Proposes amendments to Article VII, Sections 4 and 6, and creates new Sections 31 and 32 of Article XII of the Florida Constitution, subject to voter approval.