WMC1 (Ways and Means Committee) proposes an amendment to the constitution to authorize the Legislature to increase the maximum amount of the exemption on homestead property from a maximum amount of $25,000 to a maximum amount of $50,000 for homestead property with an assessed value greater than $50,000. The constitutional amendment must be approved by at least 60% of electors at the November 2024 General Election and will take effect on January 1, 2025. (Chapman)