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)"
