Florida voters approve “Save Our Homes” extension, property tax discount for widows of veterans

Miami /
Nov.November 04, 2020 04:30 PM
(iStock, Miami-Dade County)

(iStock, Miami-Dade County)

Floridians voted to pass two homestead-related amendments to the Florida Constitution on Election Day.

Amendment 5, the extension of the “Save Our Homes” portability period amendment, and Amendment 6, which grants a property tax discount for veterans’ widows, each received more than 60 percent of the vote in Tuesday’s general election. They will both go into effect on Jan. 1.

Amendment 5 gives homeowners up to three years to transfer their Save Our Homes benefit from a prior homestead to a new homestead. That’s up from two years. It received more than 74 percent of the vote.

Florida homeowners benefit from the homestead exemption, which allows property owners to receive an exemption that decreases the property’s taxable value by up to $50,000 if it is their principal residence. The Save Our Homes amendment was passed in 1992, limiting the annual increase in valuation of a homesteaded property to 3 percent.

Nearly 90 percent of voters supported Amendment 6, which allows the surviving spouse of a late veteran to receive the same homestead property tax discount. Spouses will be able to benefit from the tax discount until they remarry or sell the property. But if the spouse sells the property without remarrying, the tax discount – not exceeding the dollar amount from the most recent ad valorem tax roll – will be able to be transferred to a new residence.






    Related Articles

    arrow_forward_ios
    Lennar's Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps)

    Lennar spends $29M on Homestead mobile home park, plans new community

    Lennar spends $29M on Homestead mobile home park, plans new community
    A renderings of the Shops at Sunset Place project and a rendering of the Surfside Town Center project

    Voters decide South Miami, Surfside and Bal Harbour real estate referendums

    Voters decide South Miami, Surfside and Bal Harbour real estate referendums
    David Martin and a rendering of the project

    Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower

    Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
    Rendering of new Wolfsonian-FIU Museum by Zyscovich Architects

    Miami Beach voters overwhelmingly approve Wolfsonian-FIU expansion

    Miami Beach voters overwhelmingly approve Wolfsonian-FIU expansion
    Key Biscayne

    Key Biscayne voters approve $100M bond tied to climate change

    Key Biscayne voters approve $100M bond tied to climate change
    Itai Kathein and Jay Adair with the distribution center on the property (Credit: Google Maps)

    Sold! Online auto auctioneer pays $35M for Homestead land

    Sold! Online auto auctioneer pays $35M for Homestead land
    Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

    Starwood scores $265M refi for portfolio of InTown, Uptown hotels

    Starwood scores $265M refi for portfolio of InTown, Uptown hotels
    From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)

    Here are the South Florida real estate players who donated to candidates in 2020

    Here are the South Florida real estate players who donated to candidates in 2020
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...