Amendment 1
How does the Passage of Amendment 1 affect me?
The recent passage of Amendment One provides the following three benefits to the 2008 Tax Year:
- Creates an automatic additional homestead exemption worth $25,000, applied to the homestead property’s value over $50,000.
NOTE: All existing exemptions already included on your property, i.e., seniors (if income limitations have been met), widows, veterans, etc. will remain the same with no changes.
This exemption does not apply to school tax levies which represent approximately one half of your property taxes. - Allows portability of accumulated Save Our Homes (SOH) savings benefits for homeowners who move from one homestead to another with the following guidelines:
For more information, Click here for our Portability FAQ
- Creates a new Tangible Personal Property Exemption of $25,000.
In 2009 the Amendment provides an assessment growth limitation of 10% for all non-homestead real properties (such as investors, commercial properties, second home owners, etc.). The Assessment growth limitation would “cap” the increase at 10%.
- This assessment limitation does not apply to school tax levies.
- This assessment limitation will expire in 10 years. At that time, voters will decide whether to reauthorize it.
- Residential properties of nine units or less will surrender accumulated protections at change of ownership or control, as defined by general law.
- For all other properties (i.e., residential properties of ten or more units and business properties), the Legislature must define by general law how the property will surrender protections when there is a “qualifying improvement” to the property. The Legislature may define by general law how the property will surrender accumulated protections at a change of ownership or control.