How does the county
decide where to spend my tax dollars?
There are several factors that determine where tax dollars are
spent, such as constitutional and state mandates, programs
essential to reducing future costs, the rising cost of
insurance, the county’s strategic plan and strategic focus
areas, input from citizens during the budget process and other
necessities at the time of budget formulation.
How are my Property
Taxes determined?
There are three primary factors that influence the taxes you pay:
1) Property value
2) Exemptions and caps
3) Millage rate
What is a homestead
exemption?
The
Florida Constitution entitles every person who owns a permanent
primary residence in Florida to a reduction of $50,000 off the
assessed value of their home (for all districts except the
School Board, which is $25,000). So if your home has an assessed
value of $300,000 and you have a homestead exemption, you
actually pay taxes on $250,000 for non-school districts, and
$275,000 for the School Board.
What is Save Our
Homes?
A constitutional amendment passed by Florida voters that took
effect in 1995. The amendment states that the assessed value of
a homestead exempt residence can only raise a maximum of 3
percent each year for tax purposes, even if the market value of
the home rises much more. With the passage of Amendment One in
2008, most property owners may transfer all, or a portion, of
their Save Our Homes exemption to a new Florida home.
How has Save Our
Homes led to inequities in the property taxing system?
The Save Our Home Amendment has benefited some Florida
homeowners, but has hurt others. For example, a Florida resident
who purchased a $100,000 home 15 years ago would pay
considerably less property tax today than if the resident
purchased the same home 2 years ago for $300,000. Further
inequity has been caused due to the fact that Save Our Homes
affects only residential properties that have homestead
exemptions. It doesn't cover other real estate, such as rental
property, second homes or commercial property.
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