Florida Gov. DeSantis Signing HB 1365 (File) Florida Governor Ron DeSantis signed a flurry of bills Friday, including taking of bears, fire distri
Florida Governor Ron DeSantis signed a flurry of bills Friday, including taking of bears, fire district measures, and even a rabies vaccination state senate bill. However, one bill that was signed by the governor really caught our eye and will be a huge win for Florida homeowners.
The Florida Legislature’s move to amend the state’s homestead exemption laws through House Bill 7019 (HB 7019) was presented to Governor DeSantis and signed Friday.
This bill marks a significant stride toward alleviating the tax burden on homeowners.
Read: Former Florida Revenue Employee Faces Additional Charges In Money Order Theft Scheme
The comprehensive legislation aims to safeguard Floridians’ financial well-being by introducing a series of intricate yet strategic measures. At its core, HB 7019 seeks to address the escalating property values and their subsequent impact on homeowners’ tax obligations.
One of the pivotal components of HB 7019 is the revision of the existing homestead exemption framework. Under the proposed changes, homeowners who qualify for the exemption will be entitled to an additional exemption of up to $25,000 on the assessed valuation exceeding $50,000. This provision applies to all levies except those imposed by school districts.
However, the true innovation lies in this exemption’s dynamic nature.
The $25,000 value will be subject to an annual adjustment based on the Consumer Price Index for All Urban Consumers (CPI-U), ensuring that the exemption remains relevant and responsive to inflationary pressures.
By tying the exemption value to the CPI-U, the legislation aims to shield homeowners from the relentless surge in living expenses.
As the cost of goods and services escalates over time, the exemption will correspondingly increase, providing a much-needed financial respite for homeowners grappling with mounting expenses.
This proactive measure underscores the state’s commitment to preserving the affordability of homeownership, a cornerstone of the American dream.
By ensuring that the exemption retains its purchasing power, HB 7019 seeks to foster a sustainable and equitable environment for homeowners across Florida.
Starting in the 2025-2026 fiscal year, the Florida Legislature will allocate funds explicitly earmarked to offset the diminished ad valorem tax revenue experienced by fiscally constrained counties.
These counties, as defined by the state’s criteria, will receive a share of the appropriated funds proportional to their respective revenue losses resulting from the implementation of the revised homestead exemption provisions.
The distribution process is meticulously outlined, requiring each eligible county to submit an application to the Department of Revenue by November 15 of each year. This application must include comprehensive documentation substantiating the county’s estimated reduction in ad valorem tax revenue, prepared by the county’s property appraiser.
To ensure fairness and accuracy, HB 7019 prescribes a specific calculation methodology for determining each county’s revenue loss. This calculation considers 95% of the estimated reduction in taxable value, multiplied by the lesser of the 2024 applicable millage rate or the current year’s applicable millage rate for each county taxing jurisdiction.
Read: Florida Marijuana Legalization Amendment Campaigns For And Against, Expected To Intensify
By adopting a standardized and transparent approach, the legislation aims to foster accountability and instill confidence in the distribution process, ensuring that funds are allocated equitably among the affected counties.
Recognizing the potential complexities and time-sensitive nature of implementing HB 7019, the legislation grants the Department of Revenue the authority to adopt emergency rules. This provision allows for swift and efficient rulemaking, enabling the department to address any unforeseen challenges or clarifications promptly.
The emergency rules, once adopted, will remain in effect for six months, with the possibility of renewal during the pendency of procedures to establish permanent rules.
This agile approach underscores the legislation’s commitment to seamless execution, ensuring that the homestead exemption overhaul and the accompanying measures are implemented without undue delays or disruptions.
Help support the Tampa Free Press by making any small donation by clicking here.
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Sign up for our free newsletter.
