Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is an exemption from assessed value. Effective 9 April 2007, owner-occupiers 65 years of age or older with household incomes less than $24,214 are entitled to an additional exemption up to $50,000, if approved by the county or municipal governing authority.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
The applicant must be 65 years of age or older, and they must have an income under $23,463, and they must have attained permanent Florida residency as of January 1.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
Description of State Funding for Tax Loss
State statutes do not provide for state funding for local tax loss.
In 2007, the additional exemption for seniors exempted $6,497,495,601 from 220,583 parcels of land.
Florida Property Tax Valuation and Income Limitation Rates [http://www.myflorida.com/dor/property/limitations.html Accessed on 04/06/2010] View Archived Source