How would the proposed Florida Constitutional amendment for a “Super Exemption” affect homeowners?
A Constitutional amendment proposing additional tax changes will appear on the Jan. 29, 2008, ballot. If 60 percent of the voters approve the amendment, it will change the exemptions for permanent residents who have homestead properties. The new super homestead will apply to the full market value. It will allow an exemption of 75 percent of the first $200,000 of value and 15 percent of the value between $200,000 and $500,000. It won’t provide a cap on value increases. Homeowners who have homesteaded properties under the current Save Our Homes protection can keep this protection or make a one-time decision to switch to the Super Exemption. The Save Our Homes provision limits value increases to 3 percent or the Consumer Price Index, whichever is lower, and provides an additional $25,000 exemption. Properties purchased after the passage of the new Super Exemption will only be eligible for the Super Exemption. The Save Our Homes option will be phased out as these grandfathered properties a
