HOMESTEAD EXEMPTION – How is the $50,000 exemption applied?
In 2008, Florida voters approved a constitutional amendment which increased the Homestead Exemption to $50,000. This law is a bit complicated for a few reasons. 1. The first $25,000 of the exemption applies to all taxing authorities, and to first $25,000 of you property’s assessed value. 2. The second $25,000 exemption does NOT apply to school portion of your tax bill. The school budget — at roughly 37% of the entire property tax bill — makes up the single largest portion of your tax bill. 3. The second $25,000 of the exemption only applies to the portion of assessed value between $50,000 – 75,000. This means you will not receive the full benefit of the second $25,000 if your property is assessed at less than $75,000. And — if your property is assessed at less than $50,000 — you will not receive any additional savings from this second $25,000 exemption. The bottom line: An eligible Broward County property owner with a property assessed at $75,000+ will save anywhere from $686 to $1
In 2008, the Florida Constitution was amended to increase the Homestead Exemption to $50,000. This law is a bit complicated for a few reasons: 1. The first $25,000 of the exemption applies to all taxing authorities, and to first $25,000 of you property’s assessed value. 2. The second $25,000 exemption does NOT apply to school portion of your tax bill. The school budget — at roughly 37% of the entire property tax bill — makes up the single largest portion of your tax bill. 3. The second $25,000 of the exemption only applies to the portion of assessed value between $50,000 – 75,000. This means you will not receive the full benefit of the second $25,000 if your property is assessed at less than $75,000. And — if your property is assessed at less than $50,000 — you will not receive any additional savings from this second $25,000 exemption. The bottom line: An eligible Broward County property owner with a property assessed at $75,000+ will save anywhere from $661 to $998 (depending upon
