Its up to voters to decide on Amendment 5

PANAMA CITY, Fla. ( WMBB ) – Homeowners in Florida may see their property taxes go down due to a new homestead exemption referendum.

Since 2008, Florida property owners have enjoyed an exemption on the taxes for the first $50,000 value of their primary home.

But money doesn’t go as far now as it did back then. So lawmakers say they want to increase the homestead exemption to at least keep up with inflation and the cost of living.

“We have this consumer price index that goes up or down every year, and why wouldn’t my home or my homestead, why wouldn’t it kind of be on the same chart? And I think that part is a I think they’re trying to be fair. I think the legislature is trying to be fair to the public to say, look, we’re going to give you the opportunity to save a little money on your property taxes by having this consumer price index gauge that goes up every year,” District 6 Rep. Grif Griffitts said.

When people pay less property taxes, that means less money going to their local county government. But Senator Jay Trumbull points out there is already a long list of exemptions in addition to the homestead.

“My opinion is that, you know, these are these categories of folks that have exemptions you know, span many different things but are really like, you know, the military individual who sacrificed a lot to serve our country, you know, giving them a percentage increase on inflation, on inflationary costs. I think it’s totally reasonable,” Sen. Trumbull said.

The proposed homestead adjustment would not be across the board.

“This is on the second 25,000 of the 50,000 you’re guaranteed the 25,000 that is dedicated to schools is not touched. So this will not affect school revenues. The only people that I think that this doesn’t affect are those that are entirely home, that are entirely exempt from property taxes. You know, disabled veterans, those types of folks like that. Everybody else will be subject to this. This is a this is on your property taxes. Everybody in the state that owns property has a property tax,” Griffitts added.

Bay County officials acknowledge they will see less revenue but say they haven’t had a chance to determine the impact on their budget. But they do say they think it will be negligible.

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