FL H0501

Proposes constitutional amendment to extend the period for transferring Save-Our-Homes tax assessment benefits from a prior homestead to a new homestead from 2 years to 3 years.

Amendment becomes effective January 1, 2019, once approved by voters at a general or special election.

When transferring benefits to a new homestead, the assessed value reduction is capped at the lesser of $500,000 or the difference between the just value and assessed value of the prior homestead.

Allows homestead property owners who relocated within the extended 3-year window to carry forward the accrued assessment limitations from their previous home to their new primary residence.

Ballot statement summarizes the amendment as increasing the portability period for Save-Our-Homes benefits from 2 to 3 years for homestead property tax assessments.