S.0002

Florida S0002 proposes constitutional amendments to limit property tax assessments, increase homestead exemptions, and restrict local tax use.

Florida S0002 proposes amendments to the state constitution to limit annual property tax assessment increases, expand homestead exemptions, and restrict local tax use. The bill proposes to cap annual assessment increases at 3% before 2027 and 5% thereafter. It increases the homestead exemption to $250,000 by 2028 and phases in additional exemptions for new residents and veterans. The bill also restricts local taxes to core public needs like public safety, education, and infrastructure. If approved, the changes would take effect January 1, 2027.