CS/CS/CS/CS/CS/HJR 381 Summary

• Allows the Legislature to prohibit assessment increases for homestead and specified nonhomestead property when just value declines, subject to adjustments for property improvements or changes.

• Reduces the annual assessment increase limit for nonhomestead real property from 10 percent to 5 percent of the prior year's assessed value.

• Creates an additional homestead exemption equal to 50 percent of just value (capped at county median homestead value) for first-time homebuyers who did not own homestead property in the prior 3 calendar years, phasing out over 5 years at 20 percent annually.

• Delays the repeal of 2008 nonhomestead property assessment limitation provisions from 2019 to 2023, with voter approval on repeal abrogation moved from 2018 to 2022.

• Effective dates vary based on election timing: if approved at 2012 presidential preference primary, takes effect retroactively to January 1, 2012; if approved at 2012 general election, takes effect January 1, 2013.