Amendment 1

Amendment 1 was passed by Florida voters on January 29, 2008.
This Constitutional Amendment reformed property taxation in four ways.

It provides for:

Portability of Save Our Homes (SOH) benefits:

• Homeowners may now transfer their SOH benefit, or a portion thereof up to $500,000, to a new homestead anywhere in Florida within two years of leaving their former homesteads. If "Upsizing" to a home of equal or greater just value, the homestead owner can transfer 100% of the SOH benefit to the new homestead. If "downsizing" to a home of lower just value, a pro-rated portion may be transferred.

An additional $25, 000 Homestead Exemption:

• This additional exemption is applied to value above $50,000 and does not apply to school tax levies.

An Assessment growth limitation of 10% for non-homestead properties:

• This limits the assessed value of non-homestead properties to less than 10% each year. This also does not apply to school tax levies. The year of 2008 is the base year for this limitation AND implementation began for the 2009 Tax Roll.

A new Tangible Personal Property Exemption of $25,000:

• This exempts businesses with less than $25,000 Tangible Personal Property and applies to tax levies.