Constitutional Amendment Would Provide Additional Homestead Exemption
The Florida Senate today passed House Joint Resolution (HJR) 7105, Increased Homestead Property Tax Exemption. Sponsored in the Senate by former Senate President Tom Lee (R-Thonotosassa), the legislation proposes an amendment to the Florida Constitution to provide an additional homestead exemption of $25,000.
“For most families a home is their largest and most meaningful personal and financial investment. If approved by Florida voters in November 2018, this amendment will provide significant savings for homeowners across our state,” said Senate President Joe Negron (R-Stuart).
“As our state recovers from the Great Recession, the Florida Legislature has prioritized broad-based tax relief for families and businesses,” said Senator Lee. “This legislation builds on that commitment by giving voters the opportunity for substantial annual savings on their property taxes.”
The amendment will take effect January 1, 2019, if approved by Florida voters. Homestead property owners will receive an exemption from ad valorem taxes, except levies by school districts, for the assessed valuation greater than $100,000 and up to $125,000.
Background
Every person who owns and maintains a permanent residence (homesteaded property) in Florida is eligible for a $25,000 tax exemption applicable to all ad valorem tax levies, including levies by school districts. An additional $25,000 exemption was approved by Florida voters in 2008 and applies to homestead property value between $50,000 and $75,000. This exemption does not apply to ad valorem taxes levied by school districts. Not more than one exemption is permitted for any individual or family unit or with respect to any residential unit.
Article XI, Section 1 of the Florida Constitution authorizes the Legislature to propose amendments to the Florida Constitution by joint resolution approved by a three-fifths vote of the membership of each house. Article XI, Section 5(e) of the Florida Constitution requires approval by 60 percent of voters for a constitutional amendment to take effect.
