FL S0492

Amends the Florida Constitution to clarify that the $250,000 just value threshold for the senior homestead tax exemption is determined in the first tax year the owner applies and qualifies, rather than being reassessed annually

Applies to homestead property owners age 65 or older who have maintained permanent residence for at least 25 years and meet income limitations (household income not exceeding $20,000)

Eligible property owners receive an exemption equal to the full assessed value of their property from county or municipal tax levies (not school district levies)

Takes effect January 1, 2017, with retroactive application to January 1, 2013, for anyone who received this exemption before the effective date

Requires approval by Florida voters at a general election or special election to amend the State Constitution