The Florida Homestead Valuation Limit Amendment, also known as Amendment 10, was an initiated constitutional amendment in Florida which was approved on the ballot on November 3, 1992.
This amendment modified Article VII of the Florida Constitution to limit homestead property valuations to a maximum of 3% annually.
| Florida Amendment 10 (1992)|
| Yes|| 2,493,761|| 53.65%|
Election results via: Florida Division of Elections.
Below is the ballot summary that appeared on the ballot:
|| Providing for limiting increases in homestead property valuations for ad valorem tax purposes to a maximum of 3% annually and also providing for reassessment of market values upon changes in ownership.
(c) All persons entitled to a homestead exemption under section 6 of this Article shall have their homestead assessed at just value as of January 1 of the year following the effective date of this amendment. This assessment shall change only as provided herein.
- Assessments subject to this provision shall be changed annually on January 1st of each year; but those changes in assessments shall not exceed the lower of the following:
- a. three percent (3%) of the assessment for the prior year.
- (b) the percent change in the Consumer Price Index for all urban consumers, U.S. City Average, all items 1967=100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics.
- No assessment shall exceed just value.
- After any change of ownership, as provided by general law, homestead property shall be assessed at just value as of January 1 of the following year. Thereafter, the homestead shall be assessed as provided herein.
- New homestead property shall be assessed at just value as of January 1st of the year following the establishment of the homestead. That assessment shall only change as provided herein.
- Changes, additions, reductions or improvements to homestead property shall be assessed as provided for by general law; provided, however, after the adjustment for any change, addition, reduction or improvement, the property shall be assessed as provided herein.
- In the event of a termination of homestead status, the property shall be assessed as provided by general law.
- The provisions of this amendment are severable. If any of the provisions of this amendment shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not effect or impair any remaining provisions of this amendment.