Amendment 5 passed: Limitation on Homestead Assessments

Updated  November 4, 2020 12:46am EST
FOX 35 Orlando

AMENDMENT 5 SUMMARY

  • “Proposing an amendment to the State Constitution, effective date 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.”

LAKE MARY, Fla. - Florida voters passed Amendment 5, which was placed on the ballot by the Florida Legislature, extends the window of time that Florida homeowners have to transfer a Save Our Homes tax benefit from two to three years when moving to a new residence. 

Analysis by state officials shows that passage of the amendment will reduce local property tax receipts by $1.8 million beginning in Fiscal Year 2021-2022, increasing to $10.2 million by Fiscal Year 2025-2026.

READ FULL TEXT OF AMENDMENT 5 (PDF)