On Tuesday night, Florida voters decided they wanted more breaks on their property taxes.
Across the state, people who primarily live in the homes they own can qualify for what are called homestead tax exemptions. Most homeowners qualify for at least two $25,000 exemptions that add up to a fixed $50,000 that gets deducted from a home’s assessed value each year.
A lower assessed value, means lower property taxes for homeowners’ primary residences.
Starting in 2025, one of the two homestead exemptions will be adjusted for annual inflation. Meaning that if inflation goes up, so will the exemption.
This could potentially save homeowners real money over time.
More than 66% of voters across the state of Florida voted in favor of tying this tax break to what has been increasing inflation, some of the highest in the U.S.
The amendment was proposed by the Legislature earlier this year and was split down party lines.
Critics have said that counties need those taxes for essential public works, like water management, emergency services, and parks and recreation. Some Democrats have warned that counties will need to find a way to make up the shortfall of dollars that would have gone to important public services and could just end up offsetting any savings by raising millage rates.
Lillian Hernández Caraballo is a Report for America corps member.
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