Title: Homestead Exemptions

Summary: Increasing the homestead tax exemption amount for all levies, except for assessments for special benefits; deleting homestead tax exemptions for all levies other than school district levies, etc.

Full Text:
An act relating to homestead exemptions; amending s. 196.031, F.S.; increasing the homestead tax exemption amount for all levies, except for assessments for special benefits; deleting homestead tax exemptions for all levies other than school district levies; providing a contingent effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Subsection (1) of section 196.031, Florida Statutes, as amended by chapter 2024-261, Laws of Florida, is amended to read: 196.031 Exemption of homesteads.  (1) (a)  A person who, on January 1, has the legal title or beneficial title in equity to real property in this state and who in good faith makes the property his or her permanent residence or the permanent residence of another or others legally or naturally dependent upon him or her, is entitled to an exemption from all taxation, except for assessments for special benefits, up to the assessed valuation of $75,000 $25,000 on the residence and contiguous real property, as defined in s. 6, Art. VII of the State Constitution. Such title may be held by the entireties, jointly, or in common with others, and the exemption may be apportioned among such of the owners as reside thereon, as their respective interests appear. If only one of the owners of an estate held by the entireties or held jointly with the right of survivorship resides on the property, that owner is allowed an exemption of up to the assessed valuation of $75,000 $25,000 on the residence and contiguous real property. However, an exemption of more than $75,000 $25,000 is not allowed to any one person or on any one dwelling house, except that an exemption up to the assessed valuation of $75,000 $25,000 may be allowed on each apartment or mobile home occupied by a tenant-stockholder or member of a cooperative corporation and on each condominium parcel occupied by its owner. Except for owners of an estate held by the entireties or held jointly with the right of survivorship, the amount of the exemption may not exceed the proportionate assessed valuation of all owners who reside on the property. Before such exemption may be granted, the deed or instrument shall be recorded in the official records of the county in which the property is located. The property appraiser may request the applicant to provide additional ownership documents to establish title. (b) Every person who qualifies to receive the exemption provided in paragraph (a) is entitled to an additional exemption of up to $25,000 on the assessed valuation greater than $50,000 for all levies other than school district levies. The $75,000 $25,000 value of the additional exemption provided in this subsection paragraph shall be adjusted annually on January of each year for inflation using the percentage change in the Consumer Price Index for All Urban Consumers, U.S. City Average, all items 1967=100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics, if such percent change is positive. (8) Unless the homestead property is totally exempt from ad valorem taxation, the exemption exemptions provided in subsection (1) paragraphs (1)(a) and (b) shall be applied before other homestead exemptions, which shall then be applied in the order that results in the lowest taxable value. Section 2. This act shall take effect on the effective date of the amendment to the State Constitution proposed by SJR 1016 or a similar joint resolution having substantially the same specified intent and purpose, if such amendment to the State Constitution is approved at the next general election or at an earlier special election specifically authorized by law for that purpose.