PROPOSED CONSTITUTIONAL
AMENDMENT
ENMIENDA CONSTITUCIONAL
PROPUESTA
NO. 1
CONSTITUTIONAL REVISION
ARTICLE VII, SECTIONS 3, 4, AND 6
ARTICLE XII, SECTION 27
(Legislative)
Ballot Title:
Property Tax Exemptions; Limitations
On Property Tax Assessments
Ballot Summary:
This revision proposes changes to the
State Constitution relating to property
taxation. With respect to homestead
property, this revision:
(1) increases the
homestead exemption except for school
district taxes and (2) allows homestead
property owners to transfer up to
$500,000 of their Save-Our-Homes
benefits to their next homestead. With
respect to non-homestead property, this
revision (3) provides a $25,000
exemption for tangible personal property
and (4) limits assessment increases for
specified non-homestead real property
except for school district taxes.
In more detail, this revision:
(1) Increases the homestead
exemption by exempting the assessed
value between $50,000 and $75,000.
This exemption does not apply to school
district taxes.
(2) Provides for the transfer of
accumulated Save-Our-Homes benefits.
Homestead property owners will be able
to transfer their Save-Our-Homes benefit
to a new homestead within 1 year and
not more than 2 years after relinquishing
their previous homestead; except, if this
revision is approved by the electors in
January of 2008 and if the new
homestead is established on January 1,
2008, the previous homestead must have
been relinquished in 2007. If the new
homestead has a higher just value than
the previous one, the accumulated benefit
can be transferred; if the new homestead
has a lower just value, the amount of
benefit transferred will be reduced. The
transferred benefit may not exceed
$500,000. This provision applies to all
taxes.
(3) Authorizes an exemption from
property taxes of $25,000 of assessed
value of tangible personal property. This
provision applies to all taxes.
(4) Limits the assessment
increases for specified non-homestead
real property to 10 percent each year.
Property will be assessed at just value
following an improvement, as defined by
general law, and may be assessed at just
value following a change of ownership or
control if provided by general law. This
limitation does not apply to school district
taxes. This limitation is repealed effective
January 1, 2019, unless renewed by a
vote of the electors in the general
election held in 2018.
Further, this revision:
a. Repeals obsolete language on
the homestead exemption when it was
less than $25,000 and did not apply
uniformly to property taxes levied by all
local governments.
b. Provides for homestead
exemptions to be repealed if a future
constitutional amendment provides for
assessment of homesteads "at less than
just value" rather than as currently
provided "at a specified percentage" of
just value.
c. Schedules the changes to take
effect upon approval by the electors and
operate retroactively to January 1, 2008,
if approved in a special election held on
January 29, 2008, or to take effect
January 1, 2009, if approved in the
general election held in November of
2008. The limitation on annual
assessment increases for specified real
property shall first apply to the 2009 tax
roll if this revision is approved in a special
election held on January 29, 2008, or
shall first apply to the 2010 tax roll if this
revision is approved in the general
election held in November of 2008.