Beginning in 2008, Amendment 1 authorized an additional $25,000 homestead exemption for assessed values exceeding $50,000 [F.S.196.011(b)]. Unlike the longstanding homestead exemption which applies to all millage rates, the additional $25,000 exemption does NOT apply to school millages.
There is no additional application required; if a person files for and is granted homestead exemption, that application includes each $25,000 segment ($50,000 total).
Exactly how does it work?
EXAMPLE:
Assessed value = $150,000
Existing homestead exemption = $25,000
Next $25,000 of value (from $25,000 to $50,000) is taxable.
Additional homestead exemption = $25,000 applied to value between $50,000 and $75,000
Taxable value for all other millages = $100,000