Second Homestead Exemption
The second Homestead Exemption will be applied automatically to any property that is currently receiving a Homestead Exemption. This additional exemption does not apply to the school board portion of your taxes, which can be up to 40% of the tax bill.
- Amendment 5 was approved by Florida voters in the November 5, 2024, general election. This amendment to The Florida Constitution amended Florida law to add an annual positive inflation adjustment based on the Consumer Price Index (CPI) to the second $25,000 homestead exemption for properties which assessed value are between $50,000 and $75,000. This second homestead exemption is applicable to all levies except school district levies. See section 196.031, F.S.
- This amendment is effective January 1, 2025, and will begin with the 2025 tax year assessments. This means that the value of new and existing homestead exemptions for 2025 will reflect an exemption amount of $50,722 for tax year 2025. Each subsequent year, the exemption amount will be recalculated based on the Consumer Price Index (CPI).
How the additional $25,000 exemption is calculated
If the assessed value of your property is $50,000 or less, there will be no change in the exemptions for your property. If the assessed value of your property is greater than $50,000, you will receive up to $25,000 for the extra homestead exemption.
Examples using different assessed values:
|
Additional Exemption Calculations |
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|---|---|---|---|---|
| Estimated Assessed Values | Current Exemption | Additional Exemption | Taxable Value for Counties, Cities... | Taxable Values for School Board |
|
$45,863
|
$25,000
|
$0
|
$20,863
|
$20,863
|
|
$53,890
|
$25,000
|
$53,890
-$50,000 = $3,890 |
$25,000
|
$28,890
|
|
$67,250
|
$25,000
|
$67,250
-$50,000 = $17,250 |
$25,000
|
$42,250
|
|
$75,000
|
$25,000
|
$25,000
|
$25,000
|
$50,000
|
|
$188,753
|
$25,000
|
$25,000
|
$138,753
|
$163,753
|