Property Tax Help: Governor Raises Homestead Exemption

Gov. Charlie Crist on Monday signed into law a bill that raises the homestead exemption for low-income seniors to $50,000.

CS/HB 333, which last month passed unanimously in both the Florida Senate and House of Representatives, provides adjustments to the 2007 tax rolls only, applying retroactively to Jan. 1 for certain Florida mortgage borrowers and property owners.

The bill amends an existing local $25,000 homestead exemption limit, raising it up to $50,000, for those at least 65 years old and suffering from high property taxes, whose household income is $23,414 or less in 2007. The increased exemption applies only to cities and counties, not to school districts or special districts.

If local governments have already implemented the additional exemption for low-income seniors, the legislation allows them to increase the exemption to $50,000 for the 2007 tax year.

Currently, 53 counties and 158 cities have already implemented the additional exemption. It’s meant to assist Florida home mortgage holders that are having trouble meeting payment obligations due to raised interest rates, insurance and taxes.Contact our brokers for more information today.