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Florida voters have approved Amendment 5, extending the “Save Our Homes” Portability Period Amendment.

Americans for Tax Reform supported the measure. 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. Amendment 5 increases the time period for this transfer to three years. This additional flexibility promises to help some taxpayers save on property taxes.