Many Florida homeowners cheered on Nov. 3, 2026, when more than 60% of voters approved a constitutional amendment to significantly reduce property taxes.
Under the measure, Amendment 3, a homeowner’s tax break, known as a homestead exemption, would triple from the current US$50,000 to $150,000 in 2027 and increase again to $250,000 in 2028. By shielding more of a home’s assessed value from taxation, this exemption effectively lowers homeowners’ tax bills. New homeowners would also reportedly be eligible for a property tax break, but on a more phased-in basis.
kAmqFE E96 >62DFC6 4@>6D H:E9 2 967EJ AC:46 E28] %96 u=@C:52 {68:D=2EFC6’D C6D62C49 2C> k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^r@?E6?E^23@FE^:?56I]47>Qm6DE:>2E65 E96 >62DFC6k^2m H@F=5 C65F46 2??F2= C6G6?F6 7C@> AC@A6CEJ E2I6D 3J k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^r@?E6?E^4@?76C6?46D^C6G6?F6:>A24E^2C49:G6D^a_aeu^0A57^:>A24E_e`a]A57QmS``]g 3:==:@?k^2m] %9:D EC2?D=2E6D E@ 2 k2 9C67lQ9EEADi^^7=@C:52E2IH2E49]@C8^a_ab\9@H\7=@C:52\4@F?E:6D\4@>A2C6^Qmb_T C65F4E:@?k^2m :? C6G6?F6 7@C u=@C:52 4@F?E:6D 2?5 2 `bT 4FE 7@C D>2==6C >F?:4:A2= 8@G6C?>6?ED]k^Am
kAm(9:=6 9@>6@H?6CD H:== 86E D@>6 C6=:67[ E96 3F586E 4CF?49 5F6 E@ E96 =@H6C E2I C6G6?F6 H:== 27764E @E96C u=@C:5:2?D :? >@C6 25G6CD6 H2JD] k2 9C67lQ9EEADi^^D49@=2C]8@@8=6]4@>^4:E2E:@?DnFD6ClDp|9DI"ppppyU2>Aj9=l6?QmpD 64@?@>:DEDk^2m k2 9C67lQ9EEADi^^HHH]FE]65F^5:C64E@CJ^H@@5\22C@?\5QmH9@ 92G6 366? 7@==@H:?8k^2m E96 5632E6D @G6C p>6?5>6?E b[ H6 2C8F6 E92E =@42= 8@G6C?>6?ED H:== DECF88=6 E@ 7F?5 32D:4 D6CG:46D H:E9 =6DD >@?6J] p?5 H6 6IA64E >@C6 DH66A:?8 64@?@>:4 4@?D6BF6?46D 2D H6== – :?4=F5:?8 =6DD 277@C523=6 C6D:56?E:2= 9@FD:?8 2?5 2 3C@256C D9:7E @7 E96 E2I 3FC56? 2H2J 7C@> C6=2E:G6=J H62=E9:6C 9@>6@H?6CD E@ E9@D6 H9@ 2C6 =6DD H6== @77]k^Am
k9amw@H p>6?5>6?E b H@F=5 H@C<k^9am
kAm|F49 @7 E96 A@=:E:42= >@>6?EF> 7@C p>6?5>6?E b 42>6 7C@> 2 C:D6 :? E96 4@DE @7 =:G:?8 2?5 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^`_^b_^C62=6DE2E6^7=@C:52\AC@A6CEJ\E2I\G@E6\>:5E6C>D]9E>=Qm7CFDEC2E:@? @G6C C:D:?8 AC@A6CEJ E2I6Dk^2m] %96D6 ?@H 2G6C286 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^7=@C:52\AC@A6CEJ\E2I\42=4F=2E@CR~c}~vB!zd)Qm;FDE @G6C Sb[___k^2m 2??F2==J 3FE 42? CF? >F49 9:896C 7@C u=@C:5:2?D H:E9 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^7=@C:52\AC@A6CEJ\E2I\42=4F=2E@CQm>@C6 6IA6?D:G6 9@>6Dk^2m]k^Am
kAmx? 255:E:@? E@ C2:D:?8 E96 9@>6DE625 E2I 6I6>AE:@?[ p>6?5>6?E b =@H6CD E96 42A @? 2??F2= 2DD6DD>6?ED @? C6?E2= 2?5 4@>>6C4:2= AC@A6CE:6D 7C@> k2 9C67lQ9EEADi^^@4A2:>286D]@4A27=]@C8^2A:^r@?E6?E^v6Er@?E6?EsJ?2>:4u:=6n4@?E6?Eu:=6xsl`chg`eQm2 `_T :?4C62D6k^2m E@ k2 9C67lQ9EEADi^^HHH]7=D6?2E6]8@G^$6DD:@?^q:==^a_aeu^au^q:==%6IE^4`^!suQm2 dT :?4C62D6k^2m] $:?46 AC@A6CEJ E2I6D 2C6 32D65 @? 2? 2DD6E’D 2DD6DD65 G2=F6[ E9:D =2?8F286 67764E:G6=J =:>:ED 3FE 5@6D?’E CF=6 @FE E2I 9:<6D 7@C 3FD:?6DD6D]k^Am
kAm$@ =2?5=@C5D[ 7@C 6I2>A=6[ 4@F=5 DE:== D66 k2 9C67lQ9EEADi^^HHH]7=9@FD6]8@G^$64E:@?D^s@4F>6?ED^=@255@4]2DAInq:==}F>36Cl`U2>Ajs@4F>6?E%JA6lp?2=JD:DU2>Aju:=6}2>6l9___`K]$pr]s~r)U2>Aj$6DD:@?la_aeuQm>62?:?87F= 2??F2= E2I :?4C62D6Dk^2m 2D E96:C AC@A6CE:6D 8@ FA :? G2=F6 – 4@DED E92E H@F=5 k2 9C67lQ9EEAi^^5I]5@:]@C8^`_]a`fhh^7C3A]HA]a_ad]c`Qm=:<6=J 36 A2DD65 @?k^2m E@ C6?E6CD]k^Am
kAmp>6?5>6?E b >2<6D 4=62C E92E D49@@=\C6=2E65 AC@A6CEJ E2I6D k2 9C67lQ9EEADi^^32==@EA65:2]@C8^u=@C:520p>6?5>6?E0b[0w@>6DE6250%2I0tI6>AE:@?D[0!C@A6CEJ0pDD6DD>6?ED[02?50$A6?5:?80#6DEC:4E:@?D0p>6?5>6?E0Wa_aeXQm2C6 6I6>AEk^2m 7C@> E96D6 E2I 4FED] xE 2=D@ =:DED k2 9C67lQ9EEADi^^HHH]7=D6?2E6]8@G^$6DD:@?^q:==^a_aeu^au^q:==%6IE^4`^!suQmD@>6 E96@C6E:42= =:>:EDk^2m @? 9@H =@42= 8@G6C?>6?ED D9@F=5 FD6 E2I 5@==2CD[ 2D 2 H2J E@ 6?DFC6 4@?E:?F65 7F?5:?8 7@C 6DD6?E:2= D6CG:46D DF49 2D AF3=:4 D276EJ[ :?7C2DECF4EFC6 @C @3=:82E:@?D 7@C 6>A=@J66 C6E:C6>6?E 36?67:ED]k^Am
kAmqFE :E 2=D@ DE2E6D E92E 7F?5D >2J 36 FD65 7@C “k2 9C67lQ9EEADi^^HHH]7=9@FD6]8@G^$64E:@?D^s@4F>6?ED^=@255@4]2DAInq:==}F>36Cl`U2>Ajs@4F>6?E%JA6lp?2=JD:DU2>Aju:=6}2>6l9___`K]$pr]s~r)U2>Aj$6DD:@?la_aeuQm6IA6?5:EFC6D 2AAC@G65k^2m” 3J =@42= 2?5 4@F?EJ 8@G6C?>6?ED – 2>3:8F@FD H@C5:?8 E92E DF886DED E96D6 DE:AF=2E:@?D 42? 36 3C624965]k^Am
k9am(9@ A2JD E96 3:==nk^9am
kAmu=@C:52 AC@A6CEJ E2I6D 2C6 =6G:65 2?5 4@==64E65 3J D@>6 ec_ =@42= 8@G6C?>6?E 6?E:E:6D] %96C6’D k2 9C67lQ9EEADi^^7=@C:52C6G6?F6]4@>^AC@A6CEJ^s@4F>6?ED^AE@:?7@8C2A9:4]A57Qm?@ DE2E6 :?4@>6 E2Ik^2m[ D@ 2?J C65F4E:@?D :? AC@A6CEJ E2I C6G6?F6 5:C64E=J 27764E =@42= 2?5 4@F?EJ 8@G6C?>6?ED]k^Am
kAm(:E9 E2I C6G6?F6 D=2D965[ 3FD:?6DD6D[ =2?5=@C5D 2?5 @H?6CD @7 @E96C ?@?\9@>6DE625 AC@A6CE:6D =:<6 D64@?5 9@>6D H@F=5 2=>@DE 46CE2:?=J D66 E96:C E2I6D 8@ FA] %9:D :D 2 EJA:42= A2EE6C?i k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^4@?E6?E^AC6D6?E2E:@?D^AC@A6CEJ\E2I\DEF5J^ts#\!C6D6?E2E:@?\@?\x?E6C:>\u:?5:?8D]A57Qm(96? 8@G6C?>6?EDk^2m k2 9C67lQ9EEADi^^E2I7@F?52E:@?]@C8^C6D62C49^2==^DE2E6^AC@A6CEJ\E2I\C6A62=\C6A=246\C6G6?F6^Qm4FE AC@A6CEJ E2I6Dk^2m 7@C D@>6 8C@FAD[ k2 9C67lQ9EEADi^^HHH]=:?4@=?:?DE]65F^AF3=:42E:@?D^3@@<D^6C@D:@?\AC@A6CEJ\E2I\32D6^QmE2I6D D9:7Ek^2m E@ @E96C 8C@FAD]k^Am
k7:8FC6mk:>8 2=ElQu:C6 56A2CE>6?E H@C<6CD 96=A H:E9 H2E6C C6D4F6D ?62C ~C=2?5@[ u=2][ 27E6C wFCC:42?6 |:=E@?[ ~4E] `_[ a_ac]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ff_`b_^@C:8:?2=^7:=6\a_ae``_c\ec\C_I<32];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AU2>AjHlfc_Q ^mk7:842AE:@?mtDD6?E:2= AF3=:4 D6CG:46D[ :?4=F5:?8 7:C6 2?5 A@=:46 56A2CE>6?ED[ 4@F=5 7246 D92CA 3F586E 4FED 5F6 E@ E96 D9@CE72== 7C@> =@H6C AC@A6CEJ E2I6D] k2 9C67lQ9EEADi^^?6HDC@@>]2A]@C8^56E2:=^wFCC:42?6Ta_|:=E@?Ta_(62E96C^b7aecgg_b3b2c`e6hh3ed`f5335aha36^A9@E@Qm~C2?86 r@F?EJ u:C6 #6D4F6 s6A2CE>6?E G:2 p!k^2mk^7:842AE:@?mk^7:8FC6m
kAm%9:D 5J?2>:4 :D =:<6=J E@ A=2J @FE H:E9 =@42= 8@G6C?>6?ED 2D E96J ECJ E@ <66A C6G6?F6 DE23=6i p>6?5>6?E b H@F=5 7@C46 E96> E@ k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^r@?E6?E^C6G6?F6D^C6A@CED^7:D42=\2?2=JD:D\:?\3C:67^u:D42=p?2=JD:D:?qC:67a_ad]A57Qm9:<6 E2I6D :? @E96C 2C62Dk^2m E@ >2<6 FA 7@C E96 D9@CE72==] %9:D 4@F=5 :?4=F56 :?4C62D6D :? DE2E6 2?5 =@42= D2=6D E2I6D[ 2? 6IA2?D:@? @7 E96 =:DE @7 8@@5D k2 9C67lQ9EEADi^^7=@C:52C6G6?F6]4@>^7@C>D0=:3C2CJ^4FCC6?E^5Cce?E]A57QmDF3;64E E@ D2=6D E2I6Dk^2m[ @C 2 9:<6 :? “k2 9C67lQ9EEADi^^7=@C:52C6G6?F6]4@>^u@C>D0=:3C2CJ^4FCC6?E^8Eg___`c]A57Qm5@4F>6?E2CJ DE2>A E2I6Dk^2m[” H9:49 2C6 C6BF:C65 @? 5@4F>6?ED DF49 2D 5665D[ 3@?5D 2?5 >@CE8286D]k^Am
kAm$E2E6 2?5 =@42= 8@G6C?>6?ED 4@F=5 2=D@ :>A@D6 9:896C 766D 7@C DA64:7:4 D6CG:46D[ DF49 2D k2 9C67lQ9EEADi^^7=@C:5256A]8@G^D:E6D^5672F=E^7:=6D^a_abTa_u=@C:52Ta_$@=:5Ta_(2DE6Ta_s:DA@D2=Ta_u66D]A57QmD@=:5 H2DE6 EC62E>6?Ek^2m 2?5 k2 9C67lQ9EEADi^^7D2]>6>36C4=:4<D]?6E^DE@C>H2E6C\FE:=:EJ\C2E6D\:?\7=@C:52QmDE@C>H2E6C FE:=:E:6Dk^2m] p?@E96C @AE:@? :D E@ 9:<6 k2 9C67lQ9EEADi^^947=]8@G^3FD:?6DD6D^A6C>:ED\2?5\C64@C5D^A6C>:E\766DQmA6C>:ED 2?5 :?DA64E:@? 766Dk^2m[ k2 9C67lQ9EEADi^^:>A24E766D]@C8^7=@C:52\:>A24E\766DQm7F6= E2I6Dk^2m @C @E96C k2 9C67lQ9EEADi^^7=@C:52=:46?D6A=2E6]@C8^G69:4=6\C68:DEC2E:@?\766DQmD6CG:46 492C86Dk^2m DF49 2D G69:4=6 C68:DEC2E:@? 766D]k^Am
kAmu:?2==J[ =@42= 8@G6C?>6?ED 4@F=5 C2:D6 k2 9C67lQ9EEADi^^7=@C:52C6G6?F6]4@>^E2I6D^E2I6D766D^!286D^=@42=0@AE:@?]2DAIQmE@FC:D>\C6=2E65 E2I6Dk^2m[ DF49 2D @? 7@@5[ 36G6C286D 2?5 9@E6=D] qFE E9:D C64@FCD6 H@F=5?’E 96=A 4@F?E:6D H:E9 =:>:E65 E@FC:D>[ 2?5 DF49 C6G6?F6D 7=F4EF2E6 :? 2?J 6G6?E]k^Am
kAmx? E96 6?5[ E9@F89[ 6DD6?E:2= D6CG:46D H@F=5 DE:== 2=>@DE 46CE2:?=J 36 27764E65] uF?5:?8 7@C A@=:46[ 7:C6 2?5 6>6C86?4J >65:42= D6CG:46D :D k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^r@?E6?E^=@42=\8@G6C?>6?E^52E2^C6G6?F6D\6IA6?5:EFC6D^DEH:567:D42=]47>QmAC:>2C:=J E96 C6DA@?D:3:=:EJk^2m @7 =@42= 8@G6C?>6?ED[ 2?5[ 7@C >@DE 4@F?E:6D[ E96J >2<6 FA E96 k2 9C67lQ9EEADi^^7=:48]@C8^HA\4@?E6?E^FA=@25D^a_a`^_b^C6G6?F6\2?5\6IA6?5:EFC6\3@@<=6E\a_a`0(tq\'6CD:@?]A57Qm=2C86DE =:?6 :E6>k^2m :? E96:C 2??F2= 6IA6?5:EFC6D] #65F4:?8 k2 9C67lQ9EEADi^^65C]DE2E6]7=]FD^r@?E6?E^=@42=\8@G6C?>6?E^52E2^C6G6?F6D\6IA6?5:EFC6D^DEH:567:D42=]47>QmAC@A6CEJ E2I6Dk^2m H@F=5 2>@F?E E@ 2 5:C64E 9:E[ 6DA64:2==J :? D>2==6C[ =6DD\A@AF=2E65 4@F?E:6D]k^Am
kAmp?5 :7 =@42= 8@G6C?>6?ED 5@ C2:D6 D2=6D E2I C2E6D E@ E96 6IE6?E E96J 42?[ =@H6C\:?4@>6 u=@C:5:2?D H:== 362C 2 5:DAC@A@CE:@?2E6 3FC56? 2D E96J DA6?5 >F49 >@C6 @7 E96:C :?4@>6 @? 4@?DF>AE:@?] %96J’C6 2=D@ 72C >@C6 =:<6=J E@ C6?E E92? @H? 2 9@>6[ D@ 2?J :?4C62D65 C6?ED H@F=5 E2<6 2 3:886C E@==]k^Am
k9amp =@@>:?8 277@C523=6 9@FD:?8 4CF?49nk^9am
kAm{6DD ?@E:465 :? E96 5632E6 @G6C p>6?5>6?E b H2D 9@H :E H@F=5 27764E E96 DE2E6’D k2 9C67lQ9EEADi^^HHH];A>@C82?]4@>^:?D:89ED^C62=\6DE2E6^4@>>F?:EJ\56G6=@A>6?E\32?<:?8^7=@C:52D\277@C523=6\9@FD:?8\4C:D:DQm277@C523=6 9@FD:?8 D9@CE286k^2m] (6 2C8F6 E92E E96 DECF4EFC6 @7 E96 AC@A6CEJ E2I 4FE H:== =:<6=J 4C62E6 >@C6 :?46?E:G6D 7@C 4@F?E:6D 2?5 56G6=@A6CD E@ 3F:=5 4@>>6C4:2= DECF4EFC6D :?DE625 @7 >@C6 C6D:56?E:2= 9@FD:?8]k^Am
kAm(96? 56G6=@A6CD 3F:=5 C6D:56?E:2= 9@>6D[ E96J C6BF:C6 2 32D:4 =6G6= @7 AF3=:4 D6CG:46D E@ DFAA@CE C6D:56?ED 2?5 E96 =@42= :?7C2DECF4EFC6] x? 724E[ AC@A6CEJ E2I6D :? >F49 @7 u=@C:52 67764E:G6=J DF3D:5:K6 C6D:56?E:2= 9@>6 56G6=@A>6?Ei u@C 6G6CJ 5@==2C E92E 2 9@>6@H?6C A2JD :? AC@A6CEJ E2I6D[ k2 9C67lQ9EEADi^^947=]8@G^8@G6C?>6?E^J@FC\AC@A6CEJ\E2I\:?G6DE>6?EQm:E 4@DED 4@F?EJ 8@G6C?>6?ED 2C@F?5 S`]a_k^2m E@ AC@G:56 E9@D6 D6CG:46D] %9:D 82A H:== @?=J 8C@H H96? AC@A6CEJ E2I C6G6?F6D 72==]k^Am
kAmuC@> E96 DE2?5A@:?E @7 =@42= 2?5 4@F?EJ 8@G6C?>6?ED[ E96?[ k2 9C67lQ9EEADi^^HHH]@645]@C8^6?^AF3=:42E:@?D^=@42=\E2I2E:@?\=2?5\FD6\C68F=2E:@?\2?5\=2?5\FD60da52f4e2\6?]9E>=Qm:E >2J >2<6 >@C6 D6?D6k^2m E@ 7@4FD @? 4@>>6C4:2= @C :?5FDEC:2= 4@?DECF4E:@? 2D 2 H2J E@ <66A E2I C6G6?F6D DE23=6] qFE k2 9C67lQ9EEADi^^HHH]9<=2H]4@>^6?^:?D:89ED^AF3=:42E:@?D^a_ae^_h^7=@C:52\9@>6DE625\6I6>AE:@?\AC@A@D2=\4@F=5\C6D92A6\72>:=J\56G6=@A>6?EQmH:E9 76H6C 9@>6D 3F:=Ek^2m 2E E96 6IA6?D6 @7 3FD:?6DD 4@?DECF4E:@? – 7C@> >2?F724EFC:?8 E@ 52E2 46?E6CD – E96 DFAA=J DBF66K6 H:== @?=J 5C:G6 FA AC:46D 2?5 C6?ED 7@C E96 H@C<6CD H9@ 2C6 ?66565 7@C E9@D6 ;@3D]k^Am
kAm}@H E92E p>6?5>6?E b :D @? E96 3@@<D[ u=@C:52’D 4@F?EJ 2?5 =@42= 8@G6C?>6?ED H:== 4@?7C@?E >2;@C EC256\@77D] (6 36=:6G6 E92E DE2E6 @77:4:2=D H:== 4@>6 E@ C62=:K6 9@H >F49 @7 2 492?86 92D 366? >256 – 2?5 9@H BF:4<=J E96:C AC:@C:E:6D >2J 92G6 E@ D9:7E]k^Am
kAmk6>m!@CE:@?D @7 E9:D 2CE:4=6 2AA62C65 :? 2 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^7=@C:52D\AC@A@D65\AC@A6CEJ\E2I\2>6?5>6?E\H:==\C6BF:C6\EC256\@77D\2?5\D@>6\C6D:56?ED\4@F=5\6?5\FA\H:E9\9:896C\4@DED\agf`chQmAC:@C 2CE:4=6k^2m AF3=:D965 @? yF=J b_[ a_ae]k^6>mk^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji kDA2?mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^23:82:=\92==\afagff_nFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQmp3:82:= w2==k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^F?:G6CD:EJ\@7\E2>A2\bhcenFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQm&?:G6CD:EJ @7 %2>A2k^2mk^6>m 2?5 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^22C@?\5\H@@5\afed`aanFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQmp2C@? s] (@@5k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^F?:G6CD:EJ\@7\E2>A2\bhcenFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQm&?:G6CD:EJ @7 %2>A2k^2mk^6>mk^DA2?mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^7=@C:52D\AC@A@D65\AC@A6CEJ\E2I\2>6?5>6?E\H:==\C6BF:C6\EC256\@77D\2?5\D@>6\C6D:56?ED\4@F=5\6?5\FA\H:E9\9:896C\4@DED\agf`chnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQmu=@C:52’D AC@A@D65 AC@A6CEJ E2I 2>6?5>6?E H:== C6BF:C6 EC256‑@77D – 2?5 D@>6 C6D:56?ED 4@F=5 6?5 FA H:E9 9:896C 4@DEDk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^7=@C:52D\AC@A@D65\AC@A6CEJ\E2I\4FED\C6=J\@?\2\A@AF=2E:@?\3@@>\E92E\92D\D=@H65\5C2>2E:42==J\agdccgnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\ahdf`eQmu=@C:52’D AC@A@D65 AC@A6CEJ E2I 4FED C6=J @? 2 A@AF=2E:@? 3@@> E92E 92D D=@H65 5C2>2E:42==Jk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^4=:>2E6\492?86\:D\2\7:D42=\5:D2DE6C\7@C\=@42=\8@G6C?>6?ED\@FC\DEF5J\D9@HD\9@H\:ED\E6DE:?8\4@>>F?:E:6D\:?\7=@C:52\a``cganFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\ahdf`eQmr=:>2E6 492?86 :D 2 7:D42= 5:D2DE6C 7@C =@42= 8@G6C?>6?ED − @FC DEF5J D9@HD 9@H :E’D E6DE:?8 4@>>F?:E:6D :? u=@C:52k^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?m%96 2FE9@CD 5@ ?@E H@C< 7@C[ 4@?DF=E[ @H? D92C6D :? @C C646:G6 7F?5:?8 7C@> 2?J 4@>A2?J @C @C82?:K2E:@? E92E H@F=5 36?67:E 7C@> E9:D 2CE:4=6[ 2?5 92G6 5:D4=@D65 ?@ C6=6G2?E 277:=:2E:@?D 36J@?5 E96:C 24256>:4 2AA@:?E>6?E]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^ahdf`e^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
