Budget Stabilization Fund

This amendment proposes changes to the amount of money Florida may retain in its Budget Stabilization Fund, sometimes described as the state's financial reserve or rainy-day fund.

The proposal would:

• Increase the maximum amount that may be retained in the fund from 10% to 25% of general revenue collections.
• Require the Legislature to transfer money into the fund each year, subject to specified conditions.
• Set that annual transfer at the lesser of $750 million or the amount needed to bring the fund to 25% of general revenue collections.
• Allow the Legislature to withdraw money from the fund for critical state needs.

Agricultural Tangible Personal Property Tax Exemption

This amendment proposes a property-tax exemption for certain tangible personal property located on agricultural land.

The exemption would apply to tangible personal property that is:

• Habitually located or typically present on land classified as agricultural.
• Used in the production of agricultural products or for agritourism activities.
• Owned by the landowner or leaseholder of the agricultural property.

If approved, the exemption would first apply to tax years beginning January 1, 2027.

Homestead Exemption and Non-Homestead Property Assessments

This is the most detailed of the three proposed amendments and would make several changes involving Florida property taxes.

The proposal would:

• Increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments after that.
• Require the Legislature to establish a uniform procedure allowing counties and municipalities, for their respective property-tax levies, to increase the homestead exemption up to the property's full assessed value.
• Allow special districts to increase the homestead exemption for their levies, subject to voter approval through a referendum.
• Reduce the annual cap on assessment increases for non-homestead property from 10% to 5%.
• Create different timing for the increased exemption for people who are not Florida residents on December 31, 2026. After qualifying for homestead, the increased exemption would begin with the fifth year of exemption, to the extent permitted by the U.S. Constitution.
• Establish constitutional provisions governing how counties and municipalities may use property-tax revenue, including specified uses such as public safety, education and schools, infrastructure, natural resources, bond debt service, employee retirement benefits, and government operations and administration.

The amendment would take effect January 1, 2027.