Constitutional amendment could help Florida homeowners save money

MIAMI - Governor Ron DeSantis recently signed a bill that is headed to voters in November as Amendment 5.  If it becomes law, it will work based on the rate of inflation, homeowners could increase the percentage of their Homestead Exemption .

"Anything that helps us is good, the middle class here in Miami, we are struggling," said Nancy Morales, who paid more than $2,500 in property taxes for her house in 2023. She said paying less (taxes) would be a relief for her family.

Tallahassee approved House Bill 7019, which will now be known as Amendment 5.

Florida State Representative Alina Garcia, from South Florida, was one of the sponsors. She said, "To become law, voters will have to approve it in November."

"Right now, we have a 50,000 dollars tax exemption, what this will do it'll go according to the inflation," said Garcia.

"I believe it's a good amendment," said Pedro Garcia, Miami-Dade Property Tax Appraiser.

"…So, let's say the cost of living (inflation) increases 5%, we'll see an increase of 5% on that 25,000 dollars and that will provide people to pay a little bit less in taxes," said Garcia.

Meaning the estimate would be like this:

25,000 X 5% = 1,250

25,000 + 1,250 +  $26,250 = the new Homestead Exemption.

But voters have to approve it on November. If so, the measure would go into effect on January, 1st 2025.

"I welcome a thousand dollars extra and any type of exemption because it does make a difference," said Morales, who reiterated she will vote for Amendment 5 in November.