Q: Do you have any legislative updates to share?
A: The Florida legislature is now in session and there are three bills related to Homestead Exemption and assessment caps that are worth noting. All relate to the legislature’s concern for increases in property taxes for Florida property owners.
Q: What is the first bill?
A: The first one relates to the 10 percent non-homestead exemption cap. Currently, school millages are excepted from this cap, meaning homeowners still pay the school millage. Bills introduced in both the House and the Senate would eliminate this exception. If these bills become law, homeowners would not pay school taxes on the cap.
Q: What is the second bill?
A: Again, there are both House and Senate companion bills. Currently, when an owner applies for Homestead Exemption on a currently owned non-homestead property, deferred amounts related to the 10 percent assessment limitation cap are removed. This could cause a significant increase in taxes when the property owner applies for Homestead Exemption. If this legislation passes, these deferred amounts would remain in place.
Q: Finally, what is the third bill you are watching?
A: Currently, the $50,000 Homestead Exemption is in two $25,000 bands. The first $25,000 of value is exempt (the first band), the second $25,000 in value is taxed and the third $25,000 of value is exempt (the second band). If this legislation passes the second band would be increased to $50,000 and indexed to inflation. This would effectively raise the Homestead Exemption on most houses in St. Johns County to $75,000.
Q: What is the best way for our readers to contact you?
A: Our office is located at 4030 Lewis Speedway Ste. 203, (904) 827-5500. It is open Monday – Friday, 8:30 a.m. – 5 p.m. Also, readers can email me at Eddie@sjcpa.us or call me at (904) 827-5500.
