Amendment #3 Passed

AMENDMENT #3: CHANGES AND IMPROVEMENTS NOT AFFECTING THE ASSESSED VALUE OF RESIDENTIAL REAL PROPERTY

Reference: Article VII, sections 3, 4, and a new section

Summary: Authorizes the Legislature, by general law, to prohibit consideration of changes or improvements to residential real property which increase resistance to wind damage and installation of renewable energy source devices as factors in assessing the property's value for ad valorem taxation purposes. Effective upon adoption, repeals the existing renewable energy source device exemption no longer in effect.

Sponsor: Florida Budget and Taxation Reform Commission

Background: Increased value of residential property based on improvements designed to improve hurricane safety could not be assessed as taxable increased value.

PRO:

* Hurricane safety may be improved in residential property.
* Residential property values may be increased.
* The amendment may relieve the burden on non-renewable energy sources.

CON:

* Local revenues could suffer.
* Individuals' savings may be minimal.
* The amendment does not apply to new construction.