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Certain exemptions are available to permanent residents of the State, including, among others, a homestead exemption not exceeding $25,000. By voter referendum held on November 3, 1992, Article VII, Section 4 of the Florida Constitution was amended by adding thereto a subsection which, in effect, limits the increases in assessed just value of homestead property to the lesser of (1) 3% of the assessment for the prior year or (2) the percentage change in the Consumer Price Index for all urban consumers, U.S. City Average, all items 1967=100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics. Further, the amendment provides that (1) no assessment shall exceed just value; (2) after any change of ownership of homestead property or upon termination of homestead status, such property shall be reassessed at just value as of January 1 of the year following the year of sale or change of status; (3) new homestead property shall be assessed at just value as of January 1 of the year following the establishment of the homestead; and (4) changes, additions, reductions or improvements to homestead shall initially be assessed as provided by general law, and thereafter as provided in the amendment. The effective date of the amendment was January 15, 1993, and the base year for determining compliance with the restrictions was 1994. Pursuant to State legislative authorization, the County has --enacted an Ordinance providing an additional $25,000 homestead exemption to citizens 65 years or older as of January 1 of the year and whose household income does not exceed $20,000. The $20,000 income limitation is adjusted annually by the percentage change in the average cost -of -living index in the period January 1 to December 31 of the immediate preceding year compared with the same period for the prior year, and, accordingly is $23,463.00 for the current year, as so adjusted. 16