"WE ARE ALL ABOUT LOCALS HELPING LOCALS"
Use the buttons to find articles in the category
Parts of Florida Homestead Tax Exemption May Be In Jeopardy
Palm Coast Local General
Florida's 25,000 homestead tax break is an attractive benefit when purchasing a home to live in Flagler County, further more you may qualify for an additional 25,000 if you are:
- Non-Service Connected Disability
To qualify for this 25,000 valuable tax break, your property must serve as your primary residence as of January 1st in the application year. You must also be either a U.S. citizen or a permanent resident and reside within the state of Florida.
The initial $25,000 of this tax exemption applies to various property tax categories, including those allocated to support local educational institutions. However, recently proposed changes suggest that the savings accrued through this exemption may no longer be applied towards school district taxes.
- Two new proposals are currently under discussion in the Florida Legislature, and they could have significant implications for homeowners in Palm Coast, Florida, particularly concerning property tax relief related to school district taxes. At present, homeowners who reside in and own their homes can benefit from a homestead exemption, which serves to reduce their property tax burdens. This exemption can result in substantial savings, potentially reaching up to $50,000 on the assessed value of their homes when it comes to property tax payments.
- These two new tax proposals have been sponsored by Rep. Alina Garcia, a Republican representing Miami. They are identified as House Joint Resolution 69 and House Bill 71, both of which were introduced on September 20. The proposals are currently under review by the Ways & Means Committee.
- To clarify the legislative process, House Joint Resolution 69 must pass before House Bill 71 can take effect, as the former constitutes a modification to the state's constitution. Additionally, House Bill 71 outlines supplementary regulations, including an additional $25,000 exemption for properties valued at over $50,000.
School district taxes are typically determined based on the assessed value of your property. Therefore, if your home carries an assessed value of $280,000, you would typically owe around $200 in school district taxes. It's worth noting that increases in these taxes can be approved through voter initiatives.
Flagler County currently has 67 tax districts, each estimated differently.
If you live in the City of Palm Coast with Mosquito Control 19.0291 here is what you pay in taxes
Estimated Tax for Home Value of $280,000
-$25,000 Homestead Exemption
-$25,000 Senior Exemption
Assessed Taxable Then becomes $230,000
You then pay $3,841.19 as of 2023 with the following tax break down:
- County Debt $52.47
- School State-Law Levey $840.99 (This may no longer be included in exemption if this bill passes)
- School Discretionary $573.24
- City of Palm Coast $829.80
- East Flagler Mosquito Control $53.55
- SJR Water Management $35.53
- FL Inland Navigation Dist. $5.76
This Tax Estimator is for tax estimation purposes only and calculations are based on a hypothetical example. There are many variables that can affect your final taxes that this estimator does not take into account such as various exemptions, property use classification, and other reductions provided for by the State of Florida Constitution. The property may be subject to additional special assessments which may be placed on the upcoming tax bill.
You can go to the Flagler County Property Appraiser office website using the tax estimator and select the tax district, apply your exemptions and view what amount of tax money that may be excluded for you if this bill passes.
Tell us in the comments the amount you discover and what your thoughts are about this bill.
