ADDITIONAL HOMESTEAD EXEMPTION

FOR LOW INCOME SENIORS

May 8, 2007

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

History

Original Additional Exemption:

• In 1998, Voters Approved an Amendment to the Florida Constitution Allowing Cities and Counties to Exempt up to $25,000 of the Taxable Value of Homesteads Owned by Senior Citizens Aged 65 or Over With Adjusted Gross Household Incomes That Do Not Exceed $20,000.

• Exemption is in Addition to the Basic $25,000 Homestead Exemption.

History

Original Additional Exemption:

• In 1999, the Florida Legislature Codified This Additional Exemption by Adopting Section 196.075 of the Florida Statutes.

• Pursuant to That Authority, the Board Enacted the “Save Our Seniors Homestead Exemption Ordinance” Effective September 5, 2000.

History

Increased Additional Exemption:

• November 2006 General Election, Voters Approved HJR 353 Which Created an Amendment to the Florida Constitution Relating to an Increased Additional Senior Exemption.

• 2007 Legislature Enacted This Provision Into Law, Retroactive to January 1, 2007.

History

Increased Additional Exemption:

• New Law Increases the Additional Exemption for Low Income Seniors

That Cities and Counties May Grant From a Maximum of $25,000 to a

Maximum of $50,000.

• In Order to be Effective for the 2007 Tax Year, an Adopted Ordinance Must be Delivered to the Property Appraiser by June 1, 2007.

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Recipients

• Currently 5,065 Limited Income Senior Exemptions on the Tax Roll.

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Savings

• Limited Income Senior Exemption Applies Only to the Countywide Millage Rate, Currently 5.1639 Mills.

• Assuming a Recipient Has at Least $25,000 of Remaining Taxable Value, an Additional

Exemption Would Save Them $129.

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Fiscal Impact

• Current $25,000 Limited Income Senior Exemption Amounts to Approximately $120 Million in Exempted Property Value.

• Assuming All Current Recipients Have at Least $25,000 of Remaining Taxable Value, an Additional Exemption Would Cost the County Approximately $620,000.

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Summary

• Additional Limited Income Senior Exemption Would Reduce Property Taxes for Over 5,000 Recipients by About $129.

• Cost to County is About $620,000.

• Adopted Ordinance to Property Appraiser by June 1, 2007.

Additional Exemption for Low Income Seniors

• History

• Recipients

• Savings

• Fiscal Impact

• Summary

• Board Direction

Board Direction

• Board Options:

– Delay to a Future Year

– Proceed this Year• Ordinance to BCC on May 22, 2007

• To Property Appraiser by June 1, 2007

ADDITIONAL HOMESTEAD EXEMPTION

FOR LOW INCOME SENIORS

May 8, 2007