Quote:
Originally Posted by rustyp
Looking for an education here - I thought the homestead is protection against assessment increases. In my tax statement the property assessment with and without homestead is what is displayed. If they raise the millage rate (not the assessment) won't everyone's taxes independent of homestead status increase by the same percentage ?
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The percentage goes up. But if you have a homestead exemption, then the first $25,000 of your property value is exempt from all property taxes, including school district taxes.
If you qualify for that, then you also qualify for a thing called "Save-Our-Homes" which limits the amount of an increase, if the mil rate changes. That is only applied to the increase, not to the base rate.
There's also an improvement part to the Homestead program, so if you buy property and build a home on it, you can qualify for $50,000 exemption instead of $25,000.
This is a commercial website, but it gives a simple outline of the program in layman's terms:
Florida Homestead Exemption and Requirements