The Florida Legislature recently approved (House Joint Resolution) HJR 7105 that will give homeowners an additional $25,000 Homestead Exemption to the $50,000 they currently receive.
The joint resolution will place a constitutional amendment on the 2018 November ballot. If approved, homeowners will receive an additional $25,000 homestead exemption on properties with assessed values over $125,000 for a total Homestead Exemption amount of $75,000. Properties with an assessed value between $100,000 and $125,000 will receive a proportional amount.
With this resolution, a property in unincorporated Miami-Dade can expect to receive an additional yearly property tax savings of approximately $260.
To pass, the resolution would require 60 percent voter approval and will go in to effect on Jan. 1, 2019.