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WHAT ARE THE BENEFITS OF HOMESTEAD EXEMPTION?

(Part 1)

The main benefit is that it reduces your tax burden.

Currently there is up to a $25,000 exemption on the assessed value of your primary residence, or approximately $437 off of your tax bill.

WHAT WILL THE BENEFITS OF HOMESTEAD EXEMPTION BE IF AMENDMENT 1 PASSES?

The main benefit is that it will increase your tax relief.

If AMENDMENT 1 passes, the exemption on the value of your primary residence may go up to $50,000. ($437 on the 1^st $25,000, plus, $248 on the 2^nd $25,000, which totals $685 off your tax bill)

“There are two key differences between this new exemption and the existing exemption:

• The new exemption applies to the value of the homestead between $50,000 and $75,000.  Placing the additional exemption on the third $25,000 of value ensures that most homesteads will continue to pay some amount of property tax.
• The additional $25,000 exemption does not apply to school district levies. By contrast, the existing homestead exemption does apply to school tax levies. The new exemption offers fewer savings than the original exemption, because it does not shield homeowners from school district levies.”

ADDITIONAL HOMESTEAD EXEMPTION - This property tax reform proposal calls for increasing the homestead exemption from $25,000 to $50,000. The original $25,000 homestead exemption will continue to apply to all ad valorem tax levies. The additional $25,000 homestead exemption will apply to all ad valorem tax levies except school district levies.

Here's how this proposal will work:

Currently the first $25,000 of a property's value is exempt from ad valorem taxes. Under the proposal, there is no additional exemption for property with a value of between $25,001 and $50,000. The exemption will remain at $25,000 for a property with a value of up to $50,000.

Beginning at a market value of $50,001 and continuing through a market value of $75,000, the new homestead exemption will increase dollar-for-dollar with the increase in the value of the property.

Example:
A property with a $50,000 market value will receive a homestead exemption of $25,000.
A property with a $60,000 market value will receive a homestead exemption of $35,000.
A property with a $75,000 market value will receive a homestead exemption of $50,000.

The maximum homestead exemption a property can receive is $50,000. All other exemptions that are currently applicable will remain in effect. The typical tax savings for a homestead property with a value of $75,000 or more will be between $437* and $578* for the current $25,000, and $248* and $389* on the additional $25,000, or a total savings of anywhere between $685* and $976*.

*These figures are dependant on the current millage rates for the jurisdiction your property is located in.

Example:

If your property is valued at $100,000 and you live in Clewiston, your tax relief is as follows:

                   Value            Savings/25000         Accumulated Savings

          1^st       $25,000         $578.36                  $578.36

          2^nd      $25,000         0                           $578.36

          3^rd      $25,000         $389.40                  $967.76

          4^th      $25,000         0                           $967.76

Total Savings*on $100,000 =$967.76

*This does not include any other exemption or benefit you may already have, or may qualify for.

THE ADDITIONAL $25,000 HOMESTEAD EXEMPTION ONLY APPLIES TO QUALIFIED FLORIDA RESIDENTS.

IF YOU CURRENTLY HAVE HOMESTEAD EXEMPTION YOU NEED NOT APPLY.