Guidelines

I am one member of a five person board. The opinions I express on this forum are mine only, and do not necessarily reflect the views or opinions of the Escambia County Staff, Administrators, Employees, or anyone else associated with Escambia County Florida. I am interested in establishing this blog as a means of additional transparency to the public, outreach to the community, and information dissemination to all who choose to look. Feedback is welcome, but because public participation is equally encouraged, appropriate language and decorum is mandatory. Although this is not my campaign site for re-election--sometimes campaign related information will be discussed, therefore in an abundance of caution I add the following :








Friday, January 19, 2024

Increased Homestead Exemption will Result in $6.6 Million Revenue Loss for Escambia County



Everyone wants tax cuts and more property tax exemptions--but this latest one comes at a steep price to our county's budget.

Our budget and finance office sent the below information out to commissioners this week, delineating the costs.....

"The FL Legislature has proposed an additional homestead exemption of $25,000 that would need to be approved by the voters of the State of Florida at the November 2024 elections.

The current exemption of $25k would go up to $50k applicable to assessed property values greater than $50k for all levies excluding the school district levies. (proposed bill attached)

 If this makes it to the voters, i am confident it will pass.

 The financial impact to the county based on this information is a property tax revenue loss of $6,576,949 or $6.6 million based on current taxable valuation and revenue.

 If approved by the voters November 2024, the effective date is January 1st 2025 and would affect the county budget for FY25/26, not FY24/25. (based on House or Representatives staff analysis of the bill)"

 


5 comments:

Mel Pino said...

Pales in comparison with what the county-by-county impact on what the state of Florida is losing by these GOP idiots in Tallahassee continuing to block the Medicare expansion. Fascism gives with one hand what it takes away ten-fold with the other.

Mel Pino said...

Pales in comparison with what the county-by-county impact on what the state of Florida is losing by these GOP idiots in Tallahassee continuing to block the Medicare expansion. Fascism gives with one hand what it takes away ten-fold with the other.

Anonymous said...

May have to actually do your job and lead Jeff

Anonymous said...

I think the short term hit might be 6 million or so, but the overall growth for the county and FL will pay dividends over the long term. Escambia has some of the cheapest property left in FL. If we view this as a positive it can drive positive momentum for more homes, residents, and a higher tax base.

Eric Sharplin said...

I am sure everything will be fine. Things always work out in the end lets be positive. The key is staying focused an no gloom an doom forecasts. When people are full of gloom an doom its makes them seem like a case of sour grapes.