Florida S0274 proposes constitutional amendments to limit property tax increases after 20 years and provide additional tax exemptions for long-term.

Florida S0274 proposes amendments to the State Constitution to limit the assessed value of homestead property after 20 years of ownership and residency, preventing it from increasing. Additionally, it grants an additional homestead tax exemption equal to 50% of the assessed value, excluding school district levies, for individuals who have owned and resided on the property as their permanent residence for 30 years or more. The proposed changes aim to provide financial relief to long-term homeowners and permanent residents. The amendments are set to take effect on January 1, 2027.

Florida S0274 proposes constitutional amendments to limit property tax increases after 20 years and provide additional tax exemptions for long-term.

Florida S0274 proposes amendments to the State Constitution to limit the assessed value of homestead property after 20 years of ownership and residency, preventing it from increasing. Additionally, it grants an additional homestead tax exemption equal to 50% of the assessed value, excluding school district levies, for individuals who have owned and resided on the property as their permanent residence for 30 years or more. The proposed changes aim to provide financial relief to long-term homeowners and permanent residents. The amendments are set to take effect on January 1, 2027.