Quote:
Originally Posted by Jazuela
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 |
Exactly my point the exemptions you are quoting apply to the assessment. Thus if the millage rate goes up by 25% everyone's county property tax goes up by 25% requadless if you are a homesteader not. Could you please explain your second paragraph in more detail IE "limits the amount of an increase". An increase to what assessment or taxes ? By how much ?
The website about homesteading you provided clearly says - Limitation. The Save-Our-Homes cap limits the property value that can be assessed, not the actual taxes that can be levied. In other words, a homeowner’s property taxes increase by more than 3 percent if the taxing authorities change the millage rates. The cap only applies to increases in property value.
Thus everyone in Sumter County is going to pay this proposed increase.