Variations in Receipt of Benefit : No Variation in Receipt of Benefits
Benefit: The benefit is an exemption equal to the assessed value as determined in the first tax year that the owner applies. The exemption is for those taxes for the entities that have adopted this exemption. It does not apply to school district levies.
How is Benefit Disbursed: Exemption from assessed value
Characteristics of Eligible Property: Only residential property is eligible for this program.
Description of Eligibility Criteria: The applicant must be at least 65 years of age on 1st January of the year of application. In addition the household adjusted gross income cannot exceed $32,561 in 2021 to apply in 2022 and the just value of the property must be less than $250,000 in the initial year of the application. The applicant must have maintained permanent residency on the property for no less than 25 years.
Local Option Regarding Program Features: No local option regarding program features
Description of Local Option Regarding Adoption or Program Features : The ordinance must be adopted by a majority plus one.
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.
Local Option in Adoption of Program : Local government must take action to opt in
Source State Statutes: Fla. Stat. § 196.075 (in effect for 2021)
Source Constitution: Fla. Const. Art. VII §6(d)