Low Income Seniors Get Additional Tax Savings

LABELLE, FL. -- Governor Charlie Crist has signed legislation that will double the additional homestead exemption available to low-income seniors.  Prior to last year's election, the Florida Constitution allowed cities and counties to pass an ordinance that grants low-income seniors an additional homestead exemption of $25,000.  In November 2006, voters amended the constitutional amendment to allow cities and counties to increase this additional homestead exemption to $50,000.  

"We have an obligation to provide our state's seniors the utmost respect and dignity," Governor Crist said.  "Unfortunately, high property taxes are forcing many seniors to choose which bills they can afford to pay.  This legislation provides additional help to those who need it most and can help make living in Florida more affordable." 

House Bill 333 implements the constitutional amendment that increases the local option for homestead exemption from $25,000 to $50,000 for individuals age 65 and older whose income does not exceed $23,414 in 2007.  The increased homestead exemption applies only to cities and counties, not to school districts or special districts.  

If local governments have already implemented the additional $25,000 exemption for low-income seniors, the legislation allows them to increase the exemption to $50,000 for the 2007 tax year.  Currently, 53 counties and 158 cities have already implemented the additional exemption.  

Local governments that have not already implemented the additional $25,000 homestead exemption for low-income seniors have the opportunity to implement the new law for the 2008 tax year.