Bill > H1257

This joint resolution proposes several property tax-related constitutional amendments affecting residential properties in Florida. Specifically, it would authorize two new tax exemptions: first, a $25,000 exemption for residential properties subject to long-term leases (six continuous months or more), and second, an additional homestead exemption for first-time homeowners. The long-term lease exemption would apply to property owners who already have a homestead property and own a separate leased residential parcel, with the exemption applying to assessed values up to $25,000 and between $50,000 and $75,000. The first-time homeowner exemption would provide an initial 50% exemption on the property's just value, which would decrease by 20% each year for five years, and would only be available for properties purchased on or after January 1, 2027. These amendments are designed to provide tax relief for certain property owners by reducing their assessed property values and would take effect on January 1, 2027, if approved by voters in the next general election.