Q: Can you give some background information on Amendment 5?
A: Amendment 5 will be on Florida voters’ ballots in November. Since this pertains to homestead exemption, which is constitutional, it must be voted on by citizens and requires 66.66 percent approval to pass. This amendment proposes an annual inflation adjustment to the homestead exemption.
As background, in the last eight years, our county has seen a 145 percent increase in property tax dollars collected, due to taxable value increases. This translates to higher property taxes for everyone. Amendment 5 could provide some relief if your property is homesteaded.
Q: How does it work?
A: Right now, the homestead exemption is $25,000 applicable to all levies, and an additional $25,000 applicable to all non-school levies. Most homesteads in St. Johns County receive the full $50,000 exemption.
If Amendment 5 passes, homeowners will continue to have both of the above bands of exemption, but the second $25,000 band would be increased each year based on changes in the CPI (Consumer Price Index). So, if the CPI went up 5 percent, so would the exemption increase 5 percent. It would compound each year and the exemption amount will only increase, not decrease.
In the absence of a taxing authority reducing its millage rate, this would provide some additional relief to homesteaded property owners.
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.
