Property tax limit for non-homestead property; additional homestead exemption for new homestead owners
The State Constitution generally limits the maximum annual increase in the assessed value of non-homestead property to 10 percent annually.
This proposed amendment reduces the maximum annual increase in the assessed values of those properties to 5 percent annually.
This amendment also requires the Legislature to provide an additional homestead exemption for persons who have not owned a principal residence during the preceding eight years.
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Under the exemption, 25 percent of the just value of a first-time homestead, up to $100,000, will be exempt from property taxes.
The amount of the additional exemption will decrease in each succeeding year for five years by the greater of 20 percent of the initial additional exemption or the difference between the just value and the assessed value of the property. The additional exemption will not be available in the sixth and subsequent years.