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for by general law, and thereafter as provided in the amendment. The amendment is known as the "Save Our Homes" amendment. The effective date of the amendment was January 5, 1993 and, pursuant to a ruling by the Supreme Court of the State of Florida, it began to affect homestead property valuations commencing January 1, 1995 with 1994 assessed values being the base year for determining compliance. Constitutional amendments related to ad valorem exemptions. On January 29, 2008, in a special election held in conjunction with Florida's presidential primary, the requisite number of voters approved amendments to the State Constitution exempting certain portions of a property's assessed value from taxation. The amendments were effective beginning with the 2008 tax year. The following is a brief summary of certain important provisions contained in such amendments: • Provides for an additional exemption for the assessed value of homestead property between $50,000 and $75,000, thus doubling the existing general homestead exemption for property with an assessed value equal to or greater than $75,000. See "AD VALOREM TAXATION - General" herein for a description of the general $25,000 homestead exemption. • Permits owners of homestead property to transfer their Save Our Homes benefit (up to $500,000) to a new homestead property purchased within two years of the sale of their previous homestead property to which such benefit applied if the just value of the new homestead is greater than or is equal to the just value of the prior homestead. If the just value of the new homestead is less than the just value of the prior homestead, then owners of homestead property may transfer a proportional amount of their Save Our Homes benefit, such proportional amount equaling the just value of the new homestead divided by the just value of the prior homestead multiplied by the assessed value of the prior homestead. As discussed above, the Save Our Homes amendment generally limits annual increases in ad valorem tax assessments for those properties with homestead exemptions to the lesser of 3% or the annual rate of inflation. • Exempts from ad valorem taxation $25,000 of the assessed value of property subject to tangible personal property tax. • Limits increases in the assessed value of non -homestead property to 10% per year, subject to certain adjustments. The cap on increases is in effect for a 10 -year period, subject to extension by an affirmative vote of electors. See "- Extending the Limitation on Assessed Values of Non -Homesteaded Real Property" below for information concerning another approved constitutional amendment to extend the 10% cap on increases of non - homesteaded properties. Homestead Exemption Increase for Low -Income Seniors and Disabled Veterans. In the November 7, 2006 general election, the voters of Florida approved amendments to the State Constitution, which provide for an increase in the homestead (ad valorem tax) 24 131