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ADDITIONAL HOMESTEAD EXEMPTION
FOR LOW INCOME SENIORS
May 8, 2007
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
History
Original Additional Exemption:
• In 1998, Voters Approved an Amendment to the Florida Constitution Allowing Cities and Counties to Exempt up to $25,000 of the Taxable Value of Homesteads Owned by Senior Citizens Aged 65 or Over With Adjusted Gross Household Incomes That Do Not Exceed $20,000.
• Exemption is in Addition to the Basic $25,000 Homestead Exemption.
History
Original Additional Exemption:
• In 1999, the Florida Legislature Codified This Additional Exemption by Adopting Section 196.075 of the Florida Statutes.
• Pursuant to That Authority, the Board Enacted the “Save Our Seniors Homestead Exemption Ordinance” Effective September 5, 2000.
History
Increased Additional Exemption:
• November 2006 General Election, Voters Approved HJR 353 Which Created an Amendment to the Florida Constitution Relating to an Increased Additional Senior Exemption.
• 2007 Legislature Enacted This Provision Into Law, Retroactive to January 1, 2007.
History
Increased Additional Exemption:
• New Law Increases the Additional Exemption for Low Income Seniors
That Cities and Counties May Grant From a Maximum of $25,000 to a
Maximum of $50,000.
• In Order to be Effective for the 2007 Tax Year, an Adopted Ordinance Must be Delivered to the Property Appraiser by June 1, 2007.
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Recipients
• Currently 5,065 Limited Income Senior Exemptions on the Tax Roll.
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Savings
• Limited Income Senior Exemption Applies Only to the Countywide Millage Rate, Currently 5.1639 Mills.
• Assuming a Recipient Has at Least $25,000 of Remaining Taxable Value, an Additional
Exemption Would Save Them $129.
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Fiscal Impact
• Current $25,000 Limited Income Senior Exemption Amounts to Approximately $120 Million in Exempted Property Value.
• Assuming All Current Recipients Have at Least $25,000 of Remaining Taxable Value, an Additional Exemption Would Cost the County Approximately $620,000.
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Summary
• Additional Limited Income Senior Exemption Would Reduce Property Taxes for Over 5,000 Recipients by About $129.
• Cost to County is About $620,000.
• Adopted Ordinance to Property Appraiser by June 1, 2007.
Additional Exemption for Low Income Seniors
• History
• Recipients
• Savings
• Fiscal Impact
• Summary
• Board Direction
Board Direction
• Board Options:
– Delay to a Future Year
– Proceed this Year• Ordinance to BCC on May 22, 2007
• To Property Appraiser by June 1, 2007
ADDITIONAL HOMESTEAD EXEMPTION
FOR LOW INCOME SENIORS
May 8, 2007
