Florida’s Real Estate Constitutional Amendments: What Passed, What Didn’t and What That Means

The Nov. 6 ballot was one of the largest Florida voters have ever seen.  There were 5 proposed real estate constitutional amendments up for consideration.  Amendments require a 60 percent or higher approval rate to pass.

Based on results calculated by the state’s Division of Elections, here’s what passed and what didn’t at of 1 a.m. Nov. 7:

breaking news property guidingFlorida Amendment 2: Veterans Disabled to Combat Injury; Homestead Property Tax Discount – Pass
With most of Florida’s precincts reporting, this amendment met the 60 percent requirement to pass.  This amendment gives disabled veterans who did not live in Florida when they entered the military a break on their property taxes. It essentially extends the homestead property tax discounts to include them.

Florida Amendment 4: Property Tax Limitation; Property Value Decline; Reduction for Non-Homestead Assessment Increases; Delay of Scheduled Repeal – Fail
With most of Florida’s precincts reporting, this amendment did not meet the 60 percent requirement to pass. This amendment would have limited the allowable growth in the assessments on certain non-homestead properties from 10 percent to 5 percent. It would have also prohibited increases in assessed value on homestead properties and some non-homestead properties when market values decrease. It also intended to give first-time homesteaders an extra exemption. The amendment would have provided homestead tax exemption benefits to out-of-state residents.

Florida Amendment 9: Homestead Property Tax Exemption for Surviving Spouse of Military Veteran or First Responder – Pass
With most of Florida’s precincts reporting, this amendment met the 60 percent requirement to pass.  This amendment gives full homestead property tax benefits to the surviving spouses of military veterans and first responders who are killed in the line of duty. The new rule requires that the deceased be a Florida resident as of Jan. 1 of the year they died.

Florida Amendment 10: Tangible Personal Property Tax Exemption – Fail
With most of Florida’s precincts reporting, this amendment did not meet the 60 percent requirement to pass. This amendment would have raised the tangible personal property tax exemption for businesses related to furniture and equipment from $25,000 to $50,000.

Florida Amendment 11: Additional Homestead Exemption for Low-Income Seniors who Maintain Long-Term Residency on Property; Equal to Assessed Value – Pass
With most of Florida’s precincts reporting, this amendment met the 60 percent requirement to pass. This amendment would grants full homestead property tax relief to seniors in the low-income tax bracket who have lived in their homes for 25 years or more.

Thanks to Vernon’s guest blogger today,  Sherri Lonon.

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Posted on November 7, 2012, in Legal and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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