Does the proposed Constitutional Amendment do away with Floridas $25,000 Homestead Exemption?
A. No. Property owners with an existing homestead will have the option to retain their standard $25,000 exemption and 3% cap, also known as Save Our Homes. If you decide to take the proposed two-tiered exemption, then you would forfeit your existing Save Our Homes benefit. Q. What is the two-tiered exemption? A. It provides a new Homestead Exemption formula to qualified home owners and is based on a percentage of your property’s market value. 75% of your home’s first $200,000 in market value would be exempt from property taxes. If your property is valued at more than $200,000, then 15% of the amount over $200,000 and up to $500,000 would be exempt. The $500,000 cap will be adjusted annually, based on per capita personal income. Q. How does the two-tiered exemption benefit compare to Save Our Homes? A. On qualified homestead properties with the standard $25,000 exemption, Save Our Homes caps your propertys assessed value to no more than a 3% increase. Neither Save Our Homes or the propo
