The amendment, if passed, would change the way some property taxes are calculated for Florida homeowners who have a homestead exemption. The amendment needs approval from 60% of Florida voters to pass. Here's what happens if it does.

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.

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.