City of Sarasota aims to double homestead tax exemption for lower income, older homeowners

The Sarasota City Commission approved doubling the local homestead tax exemption to $50,000 for some older homeowners on first reading during a Monday vote on first reading.

The commission will give the item another vote and likely adoption at their Sept. 16 meeting. If passed, the raised exemption will be effective on Jan. 1, 2025.

The tax exemption is only available to homeowners aged 65 and above with a household income of $36,614 at the most – which is about 52% lower than the median household income of Sarasota County, according to the Florida Department of Health. The maximum income qualification is adjusted annually by the Florida Department of Revenue.

A property owner who wants to apply for the new exemption would have until March 1 to do so with the Sarasota County Property Appraiser. They must provide a sworn statement of household income.

The measure was first proposed by Commissioner Erik Arroyo in April. His board colleagues agreed to the added tax break for many homeowners and asked City Attorney Robert Fournier to draft an official ordinance. Only Commissioner Debbie Trice voted in dissent on Monday.

Florida's first homestead exemption of $5,000 was enacted in 1934, according to the Florida League of Cities. In 1980, Florida voters first approved the first $25,000 homestead exemption in an amendment to the state constitution, and doubled it to $50,000 in 2006. Added exemptions are also available to various homeowners, including veterans, the some people with disabilities and those who are widowed.

The homestead exemption is a property tax break that exempts a portion of a home's assessed taxable value. With Sarasota’s updated policy, up to $50,000 of an eligible home’s assessed value can be excluded from tax liability.

Christian Casale covers local government for the Sarasota Herald-Tribune. Email him at ccasale@gannett.com and follow him on Twitter @vanityhack

This article originally appeared on Sarasota Herald-Tribune: City of Sarasota aims to double homestead tax exemption for lower income, older homeowners