SOUTH COUNTY
President ’ s
COLUMN
New Year , New Tax Savings for Homestead Property ?
by AJ Stickley , Esq . Stickley Law
The start of the new year also brought with it the beginning of the 2024 Florida Legislative Session . After convening on January 9 , much of the focus of the legislative agenda has , and undoubtedly will continue to be , placed on the controversial and politically polarized issues that have fueled division between partisan lines .
As of the date of writing this article , two items on the agenda that haven ’ t garnered much attention but will positively impact the wallets of current and future owners of homestead property are House Joint Resolutions 7015 and 7017 , both introduced by Representative James Buchanan of Sarasota County , Vice Chair of the Ways & Means Committee .
A Brief History of Florida ’ s Homestead Tax Exemptions
Florida ’ s first homestead exemption , providing for a $ 5,000 reduction in the value of a home ’ s assessed value for property taxes , was placed on the ballot and passed by voters in 1934 .
In 1980 , an amendment to the State Constitution was passed to increase the exemption to $ 25,000 ( today , this exemption is applied to the first $ 50,000 of a property ’ s assessed value and applies to all taxes , including school district taxes ). In 2008 , another amendment was passed to add an additional exemption of up to $ 25,000 , which is applied if a property ’ s assessed value is at least between $ 50,000 and $ 75,000 ( this additional exemption , however , is not applied to school district taxes ).
The Florida Legislature has also created additional exemptions throughout the years to reduce property taxes for certain categories of homesteaded Floridians , including those who are widowed , handicapped , blind , disabled , veterans , and more .
While the current exemptions do create substantial property tax savings for Floridians , the greatest benefit of owning homestead property in the state 10 is unquestionably | THE DOCKET the “ Save - FEBRUARY Our Homes ” amendment 2024 of 1992 , which caps the annual increase in the assessed value of homestead property to the lower of 3 % or the percentage change in the consumer price index .
House Joint Resolution 7015
HJR 7015 proposes an amendment to Section 6 of Article VII and the creation of a new section in Article XII of the State Constitution to increase the maximum amount of the “ additional ” exemption for homestead properties with an assessed value greater than $ 50,000 .
If approved by the legislature and passed on the ballot ( by 60 % of voters ), effective January 1 , 2025 , the current $ 25,000 exemption that applies to all taxes other than school district taxes for properties with an assessed value that is at least between $ 50,000 and $ 75,000 would be increased to a maximum amount of $ 50,000 for properties with an assessed value that is at least between $ 50,000 and $ 100,000 .
House Joint Resolution 7017
HJR 7017 also proposes an amendment to Section 6 of Article VII and the creation of a new section in Article XII of the state Constitution to require an annual adjustment for inflation ( on January 1 of each year ) to the value of current or future homestead exemptions that apply solely to non-school district taxes .
If approved by the legislature and passed on the ballot , effective January 1 , 2025 , the amended section would provide that the exemptions to which this applies “ shall be adjusted for inflation using the percent change in the Consumer Price Index for all urban consumers , U . S . City Average , all items 1967-100 , or successor reports for the preceding calendar year as initially reported by the United States Department of Labor , Bureau of Labor Statistics .”
With the cost of living continually on the rise , the additional savings these amendments could provide , regardless of whether it may only be a few hundred dollars a year , will certainly be helpful , especially to those with fixed incomes who are feeling the impact of the exponential decline in affordability of homeownership in Florida . Only time will tell whether the legislature will push these HJRs forward ( if they haven ’ t done so already ), but hopefully , they do . �