Amendment 4 - Property Tax Limitations; Property Value Decline; Reduction For Non-homestead Assessment Increases; Delay Of Scheduled Repeal
Updated On: Sep 17 2012 01:10:49 PM EDT
This amendment would prevent increases in the assessed value of homestead properties and some non-homestead properties when the market values for those properties decrease. It also would reduce the annual growth assessment cap on non-homestead properties from 10% to 5%. In addition, it would provide first-time homesteaders with an additional exemption equal to 50% of the home’s market value. However, that exemption would drop to zero after five years.