SECTIONS 3, 4, AND 6
Property Tax Exemptions;
Limitations On Property Tax Assessments
This revision proposes changes to the State Constitution
relating to property taxation. With respect to homestead property, this
revision: (1) increases the homestead exemption except for school district taxes and (2) allows homestead property
owners to transfer up to $500,000 of their Save-Our-Homes benefits to their
next homestead. With respect to non homestead property, this revision (3)
provides a $25,000 exemption for tangible personal property and (4) limits
assessment increases for specified non homestead real property except for school district taxes.
In more detail, this revision:
(1) Increases the homestead exemption by exempting the assessed value
between $50,000 and $75,000. This
exemption does not apply to school district taxes.
(Click Here For More Info on Additional Homestead)
(2) Provides for the transfer of accumulated Save-Our-Homes benefits.
Homestead property owners will be able to transfer their Save-Our-Homes benefit
to a new homestead within 1 year and not more than 2 years after relinquishing
their previous homestead; except, if this revision is approved by the electors
in January of 2008 and if the new homestead is established on January 1, 2008,
the previous homestead must have been relinquished in 2007. If the new
homestead has a higher just value than the previous one, the accumulated
benefit can be transferred; if the new homestead has a lower just value, the
amount of benefit transferred will be reduced. The transferred benefit may not
exceed $500,000. This provision applies
to all taxes.
(Click Here For More Info on Homestead Portability)
(3) Authorizes an exemption from property taxes of $25,000 of assessed value
of tangible personal property. This
provision applies to all taxes.
(Click Here For More Info on Tangible Personal Property Exemption )
(4) Limits the assessment increases for specified non homestead real
property to 10 percent each year. Property will be assessed at just value
following an improvement, as defined by general law, and may be assessed at
just value following a change of ownership or control if provided by general
law. This limitation does not apply to
school district taxes. This
limitation is repealed effective January 1, 2019, unless renewed by a vote of
the electors in the general election held in 2018.
a. Repeals obsolete language on the homestead
exemption when it was less than $25,000 and did not apply uniformly to property
taxes levied by all local governments.
b. Provides for homestead exemptions to be
repealed if a future constitutional amendment provides for assessment of
homesteads "at less than just value" rather than as currently
provided "at a specified percentage" of just value.
c. Schedules the changes to take effect upon approval
by the electors and operate retroactively to January 1, 2008, if approved in a
special election held on January 29, 2008, or to take effect January 1, 2009,
if approved in the general election held in November of 2008. The limitation on
annual assessment increases for specified real property shall first apply to
the 2009 tax roll if this revision is approved in a special election held on
January 29, 2008, or shall first apply to the 2010 tax roll if this revision is
approved in the general election held in November of 2008.
(Click Here For More Info on Non-Homestead Property Assessment Cap)