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From ballotpedia.org,

The Florida Property Tax, called Amendment 4, is on the November 6, 2012, state ballot in Florida as a legislatively-referred constitutional amendment.

The proposed amendment would prohibit increases in the assessed value of homestead property if the fair market value of the property decreases; reduces the limitation on annual assessment increases to non-homestead property; and provides an additional homestead exemption.^[1]

Specifically, non-homestead or commercial property would have their assessment increases capped at 5 percent per year.^[2]

Additionally, the measure would implement an additional homestead exemption for first-time buyers equal to 50 percent of the median home price in the county. The additional exemption, however, would be gradually reduced until it expires within 5 years.^[2][3]

The proposed measure requires 60 percent voter approval for adoption.

The Florida Association of Realtors supports Amendment 4, as it offers a big tax break for first time homeowners.  The other side of the coin is lost revenues for local governments which are already struggling due to the collapse of assessed values during the housing bust.

I have to say I need to research the amendment more before I make my final decison.  What say you FL Realtors?