Florida Constitutional Amendment 3
“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 Effective upon adoption, repeals the existing renewable energy source device exemption no longer in effect.”
The full text version can be found in PDF format here.
This seems to change the way that you are not taxed for certain improvements. Instead of getting an exemption, you are simply not assessed for the value of the improvement. This seems to be a bigger benefit to the taxpayer in the long run. Instead of merely getting the exemption once, at the time of purchase, and then possibly getting assessed every year in the future for the value of the improvement, you cannot be assessed for that value ever. Feel free to weigh in an correct me if you think I am wrong. Experts are welcome.
I heard this being discussed on NPR and the idea, as I understand it, is that if you invest in wind resistant upgrade to your home, the value will not be added to the assessment of your home taxes, thereby giving homeowner’s a tax incentive to make their homes more wind-proof
1Does this affect insurance. I suppose that insurance is distinct from tax assessment, so probably not?
2