Florida’s Homestead Tax Exemption Law
Governor Ron DeSantis signed a new Florida homestead tax exemption law into law last Friday.
Florida’s homestead exemption law could mean significant economic relief for homeowners in the state.
This legislative proposal, known as HB 7019, seeks to amend the homestead exemption laws under the Homestead Exemption program.
This program provides additional benefits to those who qualify.
Alina Garcia, State Representative for the 115th District and sponsor of the measure, assures that this bill will provide significant financial relief to homeowners.
HB 7019 provides an additional exemption of up to $25,000 on the assessed valuation in excess of $50,000 for those who already qualify for the Homestead exemption.
According to the Florida Homestead Exemption law, the exemption will apply to all taxes, with the exception of school taxes.
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Florida’s Homestead Tax Exemption Law: A Relief
In addition, the exemption will be adjusted annually according to the Consumer Price Index (CPI).
“Inflation is too great and people can’t take it anymore,” stated State Representative Alina Garcia.
Garcia explained that the legislature will allocate funds to offset declining tax revenues for eligible counties, who must submit an application to the state by Nov. 15 each year.
However, Garcia assures that Miami-Dade will not suffer significant losses due to the increase in property values in the region.
“All the cities in Miami-Dade County have a lot of money thanks to the fact that properties have gone up tremendously in value,” he added.
One of the usual concerns surrounding tax abatements is the potential impact on public services, such as police and fire departments.
However, Garcia is convinced that this measure will not negatively affect these essential services and will instead act as an incentive for future property buyers.
But voters will have the final say in November, when this measure will be put to a referendum.
If approved, the new homestead exemption law will take effect in June 2025.
