New Florida Homestead Exemption Law Promises Economic Relief
New Florida Homestead Exemption Law Promises Economic Relief
Miami, FL – [06/27/2024] Florida Governor Ron DeSantis has signed a new law that could mean significant economic relief for homeowners in the state. The legislation, known as HB 7019, modifies the Homestead Exemption program to offer additional benefits to qualifying individuals.
HB 7019 introduces an additional exemption of up to $25,000 on the assessed valuation exceeding $50,000 for current beneficiaries of the Homestead exemption. This measure will affect all taxes except school taxes and will be adjusted annually based on the Consumer Price Index (CPI).
Despite concerns about impacts on public services such as police and firefighters, proponents of the law assure that it will not negatively affect these essential services. Instead, they argue that it will act as an incentive for future property buyers in Florida.
Voters will decide the fate of this measure in November, when it will be put to a referendum. If approved, the new Homestead Exemption law will take effect in June 2025, marking a significant change in the state’s fiscal landscape.