Show Notes
Andrew discusses the proposal to index the first $50,000 of homestead exemption to the inflation rate, but not to change the portion that relates to school taxes.
Overview
What would Amendment 5 do?
As of 2024, in Florida, property tax (millage) rates were set by counties, school districts, cities, and special districts. Homes in Florida are assessed at just value (market value), minus the homestead exemption. The homestead exemption reduces the taxable value of a property. Every primary residence is eligible for a $25,000 homestead exemption, which exempts that amount from all taxes. Another $25,000 homestead exemption is applied on a homestead's value between $50,000 and $75,000, which exempts that amount from all taxes except school district taxes.
The amendment would provide for an annual inflation adjustment for the value of the homestead property tax exemption that applies to non-school taxes. The adjustment would be made every year on January 1 based on the percent change in the Consumer Price Index reported by the U.S. Department of Labor if the change is positive.
Good info here: https://ballotpedia.org/Florida_Amendment_5,_Annual_Inflation_Adjustment_for_Homestead_Property_Tax_Exemption_Value_Amendment_(2024)
