FL S1578

Modifies homestead exemption to apply to assessed valuations between $25,000 and $50,000 for school district levies, and between $25,000 and $75,000 for all other levies.

Creates additional homestead exemption equal to 40 percent of just value for property valued between $75,000 and $500,000, or applies cumulative Save Our Homes assessment limitation if it provides lower taxable value.

Removes the current full exemption on the first $25,000 of assessed homestead value from all ad valorem taxes.

Amendments take effect January 1, 2013, and require voter approval as a constitutional amendment.

Renumbers existing subsections regarding renter tax relief, elderly homeowner exemptions, and veteran disability discounts.