FL S0550

Proposes amendments to the Florida State Constitution to prohibit counties, school districts, and municipalities from levying ad valorem (property) taxes on tangible personal property

Removes the existing $25,000 exemption for tangible personal property since all such property would become fully exempt from local ad valorem taxation

Eliminates the current household goods and personal effects exemption (previously set at no less than $1,000 for heads of families) as it becomes unnecessary under the blanket prohibition

Removes provisions allowing tangible personal property tax exemptions for community/economic development incentives for new and expanding businesses, as the property type would no longer be taxable

Constitutional amendment would take effect January 1, 2027, if approved by Florida voters at a general or special election