Of course, if you have a crooked appraiser that $195K homestead exemption will be eaten up REAL fast, right? Inflation alone makes the "Super Exemption" a loser after 4 to 5 years according to analyses I have seen. I am certain that there will be a great deal of analysis before the vote. I predict that the proposed constitutional amendment will fail and property tax reform will continue to be a topic in Tallahassee for years to come...
After reading the bill, I think the super exemption will be almost as good as SOH in terms of a cap. It will cap local revenue at the rate of personal income growth, which historically has been ~3.5%/yr over the past 20 years. It’s not as good as the SOH 3% cap, but close. In addition, local governments can raise revenue an additional 3% with a super majority vote or 5% with a unanimous vote. This is where the super exemption is more risky than SOH. However, it’s important to note that the revenue caps do not reset each year. So, once a municipality raises revenue 5% over the personal income growth cap ONE TIME, they are stuck at that level FOREVER, unless a voter referendum allows increased revenue.
I’ll admit, I was lukewarm about the bill when I first heard about it. However, after they added the ability to choose between SOH and the super exemption, I think it will pass easily in January. Remember that 5 of 7 constitutional amendments last year met the new required 60% threshold.