This proposed Florida constitutional amendment would sharply cut property taxes by raising the homestead exemption to $150,000 in 2027 and $250,000 in 2028, with lower benefits for new residents during their first 5 years. It would also lower annual assessment growth caps for many rental, business, and other properties from 10% to 5%. Counties and cities could use property taxes only for core services, and a state trust fund would help fill budget gaps.