(WFLA) – The Florida Property Tax Exemptions for Senior Citizens Amendment, or Amendment 5, will change Florida’s current homestead tax exemption language.
The amendment changes the code so senior citizens who own property valued at less than $250,000 would be eligible for homestead tax exemptions.
“Amendment 5 would change the existing language regarding homestead tax exemption so that the value of property owned by eligible senior citizens, those with a household income of $20,000 or less, could be assessed when they first apply for the exemption. This would ensure eligible seniors’ ability to be able to keep their tax exemption even if their home value exceeded $250,000 in the future. If approved by voters, the amendment would take effect on January 1, 2017, and it would apply retroactively to exemptions provided before that date.”