Florida Amendment 5 2024 Explained

Florida Amendment 5 2024 Explained. Florida's amendment 5 proposes an annual adjustment for inflation to the value of current or future homestead exemptions. There are two $25,000 exemptions available to most homeowners, who can knock up to $50,000 off the taxable value of their homes.

Amendment five extends the grace period for transferring the ‘save our homes’ cap from two years to three years. This year, the florida legislature proposed an amendment to the state constitution that could change the way municipalities collect property taxes.