It is a constitutional amendment on Florida’s ballot this year. This proposal will lower property taxes for new home buyers and spur much-needed economic growth in the housing market by offering a healthy new exemption for first-time home buyers.
Amendment 4 will also protect working families, small businesses and homeowners from unfair and unexpected tax increases by helping to stop “recapture,” a tax gimmick that increases property taxes even when property values decline.
Finally, Amendment 4 will lower assessment increases on non-homestead properties from a burdensome 10 percent to a more reasonable 5 percent.
Bottom Line
Amendment 4 creates an additional homestead exemption for first-time home buyers for 5 years.
Amendment 4 protects Floridians from increased property taxes when their property values have declined.
Amendment 4 lowers the maximum yearly assessment increase on non-homestead properties from 10 percent to 5 percent.
