Breaking Down Amendment 1

Amendment 1 is a statewide constitutional amendment that requires 60 percent voter approval.

The provision provides for an additional homestead exemption up to $25,000, depending on the assessed value of your property.

If your homestead property has an assessed value of up to $50,000, you will keep the current $25,000 exemption.

If your homestead property has an assessed value of $50,001 to $74,999, the additional homestead exemption will increase up to $24,999.

If your homestead property has an assessed value of $75,000 or more, you will receive the full additional $25,000 exemption.

The exemption would apply to all tax levies, with the exception of the school district for the 2008 tax roll.

Homeowners who sold their homestead property during 2007 and apply for homestead by March 1, 2008, can transfer their old assessment limitation (the Save Our Homes cap) to the new residence.

However, homesteads sold during 2006 or prior do not qualify for portability.