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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 20 — SUBSEQUENT EVENTS - Continued <br /> C . Amendment 1 <br /> On January 29 , 2008 , the Florida electorate approved an amendment to the Florida Constitution relative <br /> to property taxation. This amendment (referred to as Amendment 1 ) was placed on the ballot by the <br /> Florida Legislature at a special session held in October 2007 . With respect to homestead property , <br /> Amendment 1 increases the current $ 25 , 000 homestead exemption by another $ 25 , 000 (for property <br /> values between $ 50 , 000 - $ 75 , 000) , except for school district taxes . Since the new $ 25 , 000 homestead <br /> exemption does not apply to school district taxes , this effectively amounts to a $ 15 , 000 increase to the <br /> existing homestead exemption, resulting in an estimated annual savings of $ 240 for an average <br /> homeowner . <br /> Amendment 1 also allows property owners to transfer (make portable) up to $ 500 , 000 of their Save Our <br /> Homes benefits to their next homestead when they move . Save Our Homes became effective in 1995 <br /> and limits (caps) the annual increase in assessed value for homestead property to three percent ( 3 %) or <br /> the percentage change in the Consumer Price Index , whichever is less . <br /> With respect to non-homestead property, Amendment 1 limits (caps) the annual increase in assessed <br /> value for non-homestead property (businesses , industrial property , rental property , second homes , etc . ) <br /> to ten percent ( 10%) , except for school district taxes . The Amendment also provides a $ 25 , <br />000 <br /> exemption for tangible personal property . <br /> Amendment 1 becomes effective on October 1 , 2008 , with the exception of the ten percent ( 10 %) <br /> assessment cap on non-homestead property , which becomes effective on January 1 , 2009 . Based on <br /> information received from the Indian River County Property Appraiser' s Office , the estimated <br /> annual loss of property tax revenues for our county from the additional homestead exemption and the <br /> $ 25 , 000 exemption for tangible personal property is approximately $ 5 . 7 million . At present, there is no <br /> accurate way to determine the impact of the portability and assessment cap on non-homestead property <br /> provisions in terms of potential loss of property tax revenues . <br /> 96 <br />