GAINESVILLE, Fla– Florida residents who qualify as widowed and/or disabled can now expect to receive a tax exemption increase from $500 to $5,000 off of their property assessed value.
The Florida Legislature passed these bills on March 15, 2022, and it is projected to go into effect for the 2023 tax year.
This is the first time the widowed tax deduction has increased since its effective year in 1968. Both the widow and disability are considered to be minimal requirement exemptions for Florida property owners who have maintained residency in the state. Therefore, any Florida resident who is widowed or disabled as of January 1, 2023, can apply to receive these benefits.
“Previously the $500 exemption saved residents about $10 in actual tax savings,” Alachua County Property Appraiser and FAPA Sergeant at Arms, Ayesha Solomon said. “With this new increase, taxpayers who qualify for this exemption will benefit from approximately $100 in annual property tax savings.”
“I was informed that the ability to move several legislative bills in a year is a little unorthodox. This makes an ordinary day at work extraordinary,” she said.
In addition to recent increases in residential savings, agricultural operators also saw a boost this year with the passage of language promoting agritourism as an additional stream of income and benefits to agriculture operations.
Cregg Dalton, Citrus County Property Appraiser, and FAPA President-Elect said, “I am proud of our members, who worked diligently with legislators and their staff, to ensure the language of these bills will best benefit our constituents.”
Currently, the Critical Public Services Workforce bill is a pending amendment to the State Constitution for all levies other than the school district. The Legislature may provide an additional homestead exemption on the assessed valuation of greater than $100,000 and up to $150,000 for classroom teachers, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, child welfare services professionals, active-duty members of the United States Armed Forces, and members of the Florida National Guard.
This amendment will be placed on the November ballot if passed by voters.