A joint resolution proposing to increase the state homestead exemption passed the Senate and the House in the Florida Legislature on Monday. House Joint Resolution 7105 has to go before voters in next year's election and get enough votes to amend the Florida Constitution.
House Joint Resolution 7105 proposes to increase the exemption on the assessed value greater than $50,000 and up to $100,000. Right now, property owners can claim $25,000 in homestead exemption. That means voters could get double the exemption.
Tax revenue could be reduced by $794.9 million annually, assuming current tax rates remain the same. Revenue impacts would not begin until fiscal year 2019-2020, according to a Florida Senate bill analysis and fiscal impact statement.
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