Florida Amendment 5 would help homeowners hold onto property tax money longer

Florida Amendment 5 Explained

FLORIDA — Amendment 5 would help homeowners hold onto property tax money a little longer. The homestead exemption can take a big bite off property taxes each year for homeowners. This amendment would give them a little more power and protection.

Here’s what the language will say when you see the amendment on your ballot:

“Proposing an amendment to the State Constitution, effective January 1, 2021, to increase, from 2 years to 3 years, the period of time during which accrued Save-Our-Homes benefits may be transferred from a prior homestead to a new homestead.”

Right now, permanent Florida resident homeowners can exempt $25,000 of value from their primary residence. Homeowners can transfer that benefit to a new home within two years of selling their previous home. This amendment extends that another year.

“I think people will agree, especially for a Florida homeowner as he gives him lots of flexibility, that probably passes.”

Dr. Matt Corrigan, the dean of the College of Arts and Sciences at Jacksonville University says the amendment is a no-brainer for homeowners. However, he adds, “It probably hurts the tax base, so I think there are local governments that may be concerned about that.”

It’s for this reason that the League of Women Voters of Florida is against it.

The amendment wasn’t started by another private group, but instead submitted by the Florida Legislature. At least 60% of voters must approve an amendment for it to pass.