Amendment 5 passes: Floridians vote to extend Homestead exemption transfer period
Florida’s proposed Amendment 5, which would extend the Homestead exemption transfer period, has passed. “There is a 3% annual limit for an increase in the valuation of a homestead property. Currently, after moving to a new primary residence, a Florida resident has two years to transfer their homestead property benefit. A “yes” vote supports extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years. A “no” vote opposes extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years.
What to know about Florida’s Amendment 5: Extend Homestead exemption transfer period
Right now, if a homeowner moves they have two years to transfer this tax benefit to their new primary residence. “There is a 3% annual limit for an increase in the valuation of a homestead property. Currently, after moving to a new primary residence, a Florida resident has two years to transfer their homestead property benefit. A “yes” vote supports extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years. A “no” vote opposes extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years.