A Bit of a Tax Break for Florida Homeowners
The Cost and Savings of Amendment 5
A bit of a tax break is on the way for homeowners across Florida.
How Much Will We Save in Property Taxes?
It’s not a whole lot of money, but it’s something, says Broward County Property Appraiser Marty Kiar. "I think it’ll save people $10-15 in property taxes, but every single year maybe it will go up as well based on inflation. I think it’s a pretty good thing that puts a little more money in people’s pocket," Kiar said.
What’s the Financial Impact of Amendment 5?
The state estimates the financial impact for all of Florida in the first year is $22 million. Independent research institute Florida Police Project estimates counties statewide could lose more than $400 million in tax revenue over the next five years.
How Will It Affect Local Governments?
Kiar says recent skyrocketing home values in Miami-Dade and Broward counties are adding millions to budget revenues, easily eclipsing any anticipated losses. "Broward County values increased to such an extent that (the county) got $130 million more this year than last year without raising taxes. So If you think about that overall, it’s a nominal amount for our local governments, they’re not going to lose a whole lot of money. They won’t have to raise taxes to make up for it," Kiar said.
When Will It Take Effect?
The change takes effect on Jan. 1 and will impact your 2025 tax bill due the following year.
Conclusion
The newly approved Amendment 5 will adjust part of your homestead exemption according to inflation, resulting in a small tax break for Florida homeowners. While it may not be a significant amount, it’s a welcome change for those looking to put a little more money in their pockets. Local governments may not feel the impact as much due to the increasing property values, which are adding to their budget revenues.
FAQs
Q: How much will Amendment 5 save me in property taxes?
A: According to Broward County Property Appraiser Marty Kiar, it will save people $10-15 in property taxes, but every single year maybe it will go up as well based on inflation.
Q: What is the financial impact of Amendment 5?
A: The state estimates the financial impact for all of Florida in the first year is $22 million, while independent research institute Florida Police Project estimates counties statewide could lose more than $400 million in tax revenue over the next five years.
Q: How will Amendment 5 affect local governments?
A: Recent skyrocketing home values in Miami-Dade and Broward counties are adding millions to budget revenues, easily eclipsing any anticipated losses.
Q: When does Amendment 5 take effect?
A: The change takes effect on Jan. 1 and will impact your 2025 tax bill due the following year.
