What Is 'Amendment 5' Homestead Inflation Adjustment

Everything You Need To Know About Amendment 5

Homestead Exemption Inflation Adjustment
ON YOUR NOVEMBER BALLOT

Florida voters will get to decide whether or not to shield more of the value of our homes from property taxes under a proposed amendment to the Florida Constitution.

Amendment 5 would provide for an annual inflation adjustment for the value of the homestead property tax exemption that applies to non-school taxes. The adjustment would be made every year on January 1st and would be based on the percent change of the Consumer Price Index, if the change is positive.

A “YES” vote on this amendment supports adding an inflation adjustment to the current homestead exemption.

There are currently two $25,000 exemptions available that can reduce $50,000 off the taxable value of our homes. This amendment would create an inflation adjustment for the second $25,000 exemption. The adjustment would be made according to the percent change of the Consumer Price Index. For example, if the rate of inflation is 8 percent, it would increase the value of the exemption from $25,000 to $27,000.

A “NO” vote on this amendment supports keeping the current homestead tax exemption regardless of inflation.

A 60% vote is required from voters for the amendment to be adopted. If approved, the amendment would take effect on January 1, 2025.

Please call your property appraiser office or email if you have any questions or need more information about Amendment 5.

-Courtesy of Lorie Ward, C.F.A.
Glades County Property Appraiser