TAMPA, Fla. (WFLA) — Florida voters will weigh in on a proposed amendment to the State Constitution that would require homestead exemptions to be adjusted for inflation.

Proponents of the measure claimed it would allow and encourage more people to own homes, while those opposed to the amendment argued the costs would simply be passed onto others, like renters and business owners, according to the James Madison Institute.

Amendment 5’s ballot summary reads: “Proposing an amendment to the State Constitution to require an annual adjustment for inflation to the value of current or future homestead exemptions that apply solely to levies other than school district levies and for which every person who has legal or equitable title to real estate and maintains thereon the permanent residence of the owner, or another person legally or naturally dependent upon the owner is eligible. This amendment takes effect January 1, 2025.”

All Florida ballot amendments require 60% of the vote in order to pass.