Jacksonville, FL - It would mean a new break in your property tax bill, but at a big cost to the City.
Florida’s Governor has signed a law that puts a new homestead exemption on the November 2018 ballot. Anyone with a home valued between $100,000 and $125,000 would be eligible for at least a portion of the new exemption, according to Duval County Property Appraiser Jerry Holland.
“Somewhere about $300 is what their benefit will be on an annual basis if they qualify for the entire exemption,” Holland says.
Holland says about half of Duval County homeowners who currently get a homestead exemption would be eligible for the new one, if voters approve. Numbers WOKV obtained from the Property Appraiser’s Office show if the new exemption would be applied to the current property roll, that would mean a loss to County coffers of $25,798,062.14.
This measure will be on the November 2018 ballot, so the effect would not be in place until the FY19-20 budget. Holland says Duval property values continue to climb, so the amount the City and County would lose if the exemption is passed will likely rise as well. In the end, Holland expects the general rise in property taxes collected would be offset by the exemption.
“Less that they [City government] will have the opportunity to spend on services for the citizens of Jacksonville,” Holland says.
This is a statewide measure, so 60% of voters across Florida would have to approve for the new exemption to take effect.