The following property tax amendments were approved with the January 29, 2008, ballot. The ballot was approved by more than a 60% margin. These provisions have become law, retroactive to January 1, 2008.

• Doubling the Homestead – Doubles the homestead exemption, allowing an additional exemption of $25,000 to apply to the value between $50,000 and $75,000. For instance: for a home valued at $72,000, the first $25,000 is tax exempt; taxes are due on the second $25,000. Then, $22,000 would be tax exempt as that’s the amount that is more than $50,000. The additional $25,000 exemption will be applied to all levies, with the exception of school districts, beginning with the 2008 tax roll.
• Portability – Allows homeowners to transfer the Save Our Homes benefit to a new homestead (up to $500,000). If the new homestead is more valuable than the old homestead, a taxpayer can transfer the entire old CAP dollar amount (up to $500,000 CAP transfer). If a taxpayer downsizes, the percentage of protection will transfer to the new homestead. In other words, if they had 50% protection before, they will have 50% protection in the new downsized home (up to $500,000 CAP transfer).
  
  Homeowners that sold their homestead during 2007 and apply for homestead for 2008 can transfer their old CAP to the new residence, however, homesteads sold during 2006 or prior years do not qualify for portability.
  
  Starting from 2007, property owners who sell their homestead have up to 2 years to transfer the CAP to a new homestead.
  
  The portability provision will be applied to all levies for the 2008 tax roll.
• Non-Homestead 10% CAP – Non-homesteaded properties will be capped at 10%. This non-homestead CAP would have a base year of 2008 and the CAP would apply in 2009. The 10% CAP on non-homesteads would be applied to all levies with the exception of school districts.
• TPP $25,000 Exemption – Grants a new $25,000 exemption for tangible personal property. All TPP taxpayers must still file a Tangible Personal Property Return. The $25,000 TPP exemption will be applied to all levies for the 2008 tax roll.
• Rollback Rate – Already law – Requires cities, counties and independent special districts to adopt the “Rolled Back” millage rate each tax year. In other words, millage rates are set to ensure that tax revenue for the current year must be equal to tax revenue for prior year, excluding new construction and an adjustment for a statewide income growth rate. This is already law and remains unchanged with this new law.