This latest batch of state laws is set to kick off the new year.

The amendment, if passed, would change the way some property taxes are calculated for Florida homeowners who have a homestead exemption. The amendment needs approval from 60% of Florida voters to pass. Here's what happens if it does.

Florida’s proposed Amendment 5, which would extend the Homestead exemption transfer period, has passed. “There is a 3% annual limit for an increase in the valuation of a homestead property. Currently, after moving to a new primary residence, a Florida resident has two years to transfer their homestead property benefit. A “yes” vote supports extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years. A “no” vote opposes extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years.

Right now, if a homeowner moves they have two years to transfer this tax benefit to their new primary residence. “There is a 3% annual limit for an increase in the valuation of a homestead property. Currently, after moving to a new primary residence, a Florida resident has two years to transfer their homestead property benefit. A “yes” vote supports extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years. A “no” vote opposes extending the period during which a person may transfer Save Our Homes benefits to a new homestead property from two years to three years.