On Tuesday November 6, 2012, Floridians will be asked to vote on several amendments to the Florida Constitution. No matter what your opinion is with respect to whether it is useful or efficient for the State of Florida to pass taxation and revenue legislation via constitutional amendments, proposed Amendment 10 is worth some consideration, particularly for small business owners. Proposed Amendment 10 would provide an exemption from ad valorem taxes for tangible personal property, if the assessed value of an owner’s tangible personal property is greater than $25,000.00 but less than $50,000.00. This new exemption would be in addition to the current exemption from ad valorem taxation for the first $25,000 of assessed value of tangible personal property available for all taxpayers. If approved, the proposed additonal exemption for tangible personal property would apply to the 2013 tax roll (and all subsequent tax rolls).