We bring you this special edition of our eNewsletter to provide useful information about the constitutional amendments on the November 2024 ballot. We hope this helps as you consider the pros and cons of these amendments and how you choose to vote.
There are four ways to amend the current Florida Constitution, which was ratified in 1968. These include: (1) joint resolution by the Florida Legislature; (2) proposal before the Florida Constitution Revision Commission; (3) citizens’ initiative; and (4) proposal before the Florida Taxation and Budget Reform Commission.
This year, there are six proposed amendments, including two by citizens’ initiative, and four by the Florida Legislature. The two amendments placed on the ballot through petitions (i.e., a citizens’ initiative) are Amendments 3 and 4. The four amendment resolutions introduced and passed by the Legislature include Amendments 1, 2, 5 and 6.
Amendment 5 – Annual Adjustments to the Value of Certain Homestead Exemptions
The current Florida homestead tax exemption structure for primary residences is not adjusted for inflation. This amendment would apply an annual inflation adjustment for the property tax exemption applied to the value of the homestead between $50,000 and $75,000. The adjustment would be made every year on January 1st (beginning in 2025) based on the percent change in the Consumer Price Index (CPI) reported by the U.S. Department of Labor. The adjustment will occur only if the CPI increases. There is no adjustment if the CPI decreases. This adjustment would not affect taxes paid to school districts.
Supporters say the amendment could lead to more savings for property owners who apply for homestead property tax exemptions. For example, if the rate of inflation is 8 percent, it would increase the value of the exemption from $25,000 to $27,000.
Opponents say the amendment would reduce revenue available to cities and counties by millions of dollars. This means that taxes will automatically rise should property values rise due to inflation, without local elected officials having the ability to cast a vote on a tax increase proposal.