Current law provides an exemption of $15,000 from the ad valorem taxation for public school purposes of a residence homestead. The proposed amendment would increase this exemption to $25,000, starting in the tax year beginning January 1, 2015. In order to reflect the increased exemption on the homestead of a person 65 years of age or older or a disabled person, the proposed amendment would provide a reduction to the current limitation on the total amount of ad valorem taxes. The proposed amendment would protect school districts from all or part of the revenue loss by authorizing an appropriation of funds according to formulas set by the legislature. In addition, the proposed amendment would authorize the legislature to prohibit a political subdivision from reducing or repealing a homestead exemption adopted by the political subdivision. Finally, the proposed amendment would prohibit the imposition of a tax on the conveyance of real property, but would not prohibit the imposition of a business tax measured by business activity, a tax on the production of minerals, a tax on the issuance of title insurance, or a change in the rate of a tax in existence on January 1, 2016.