FL S1402

Proposes constitutional amendments to create an alternative homestead property assessment and taxation system with a 1.5% tax rate on just value instead of current ad valorem rates

Allows homestead assessments to increase annually by the percentage change in market value, capped at the lower of 3% or the Consumer Price Index percentage change

Provides homestead exemptions equal to the median value of single-family homes in the county, with eligible seniors (65+) earning less than 80% of median family income receiving a double exemption

Requires homeowners to make an irrevocable election to adopt the alternative system; existing homestead owners continue under current assessment rules until they elect the new system

Restricts future revisions to this section to citizen-initiated ballot measures only and schedules the amendments to take effect retroactively to January 1, 2010, if approved in a 2010 special or general election