FL S1254

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 property owners equal to 50 percent of the property's just value (capped at $200,000) for properties purchased after January 1, 2010, available only for levies other than school district levies.

Limits the additional homestead exemption to applicants who have not owned homestead property during the immediately preceding 3 years and applies the exemption for 5 years or until the property is sold, whichever occurs first.

Reduces the additional exemption amount by 20 percent annually or by the difference between just value and assessed value (whichever is greater) in each subsequent year through year 5.

Provides that if both this amendment and Senate Joint Resolution 532 from 2009 receive approval during the 2010 general election, only this amendment shall take effect.