Proposition No. 3 would authorize local political subdivisions to extend the length of time that aircraft parts could remain temporarily in the state before being subject to ad valorem taxes. Under current law, these parts may remain in the state for up to 175 days. This amendment would extend that amount of time to 730 days.
Proposition No. 4 would allow the legislature to provide for an exemption from ad valorem taxation of part of the market value of the residence homestead of a partially disabled veteran, or the surviving spouse of a partially disabled veteran if the residence homestead was donated by a charitable organization, at no cost to the veteran.
Proposition No. 5 amends the definition of "reverse mortgage" to authorize the making of reverse mortgage loans for the purchase of homestead property. This amendment also amends lender disclosures and other requirements in connection with a reverse mortgage loan.
Proposition No. 7 would allow home-rule municipalities to provide in its charter the procedure to fill a vacancy on its governing body when the unexpired term is less than 12 months.