Recently, Florida voters approved Amendment 5, which promises slight tax relief for homeowners across the state.
This measure will adjust part of the homestead exemption for inflation, allowing taxpayers to save a little on property taxes.
According to Broward County Property Appraiser Marty Kiar, NBC 6 The savings will not be significant immediately, but they represent a benefit to homeowners.
“I think it will save people between $10 and $15 in property taxes, but each year it could also increase based on inflation. “I think it’s a pretty good thing that puts a little more money in people’s pockets,” he added.
However, this tax relief for homeowners could pose a problem for South Florida cities and counties that rely on property tax revenue to fund essential public services, such as police and fire departments.
Impact of Amendment 5 on Florida cities and counties
The state has estimated the financial impact in the first year will be $22 million, while the independent research institute Florida Police Project warns that counties could lose more than $400 million in tax revenue over a five-year period.
Despite these projections, Kiar is optimistic, noting that recent increases in property values have strengthened local budgets.
“Values in Broward County increased to such an extent that the county made $130 million more this year than last without raising taxes. So overall, it’s a nominal amount for our local governments; They are not going to lose a lot of money. “They won’t have to raise taxes to compensate for it,” he said.
For his part, the mayor of Fort Lauderdale, Dean Trantalis, agreed that the effects will be minimal for the city. “We will continue to provide the same level of services. “Property values continue to rise,” he said.
Amendment 5 will go into effect on January 1, affecting the 2025 tax bill, which will be paid the following year. It is important to note that the portion of the exemption intended to finance local schools will not be affected, the aforementioned media adds.
#homeowners #save
**Interview with Broward County Property Appraiser Marty Kiar on Florida’s Amendment 5**
**Host:** Welcome back to the show! Today, we’re diving into the recent passage of Amendment 5 in Florida, which promises some tax relief for homeowners. Joining us is Broward County Property Appraiser, Marty Kiar. Thanks for being here, Marty!
**Marty Kiar:** Thanks for having me!
**Host:** So, Marty, could you explain what Amendment 5 is all about and why it matters to Florida homeowners?
**Marty Kiar:** Absolutely. Amendment 5 adjusts part of the homestead exemption for inflation, which means that homeowners will see a slight reduction in their property tax bills. While the savings might not be huge initially—around $10 to $15 per year—it’s still a beneficial step that puts a little more money in people’s pockets.
**Host:** That’s certainly a welcome relief for many! Given the current economic climate, do you think homeowners will notice this change?
**Marty Kiar:** I believe they will, especially in the context of rising costs everywhere. While the immediate impact may be modest, every little bit helps. What’s more significant is that as inflation continues, this exemption could increase each year, leading to greater savings over time.
**Host:** That’s a great point. However, there are always trade-offs with such measures. How might this tax relief impact local governments and services in South Florida?
**Marty Kiar:** That’s an important consideration. While homeowners benefit from the tax relief, local cities and counties may face challenges in funding services like public safety, education, and infrastructure. A reduction in property tax revenue could strain their budgets, so it’s crucial for local governments to plan accordingly.
**Host:** So it’s a balancing act! As a property appraiser, what advice would you give to homeowners looking to better understand how this amendment could affect them in the long term?
**Marty Kiar:** I’d encourage homeowners to stay informed about property tax legislation and how adjustments like Amendment 5 can impact their bills. It’s also a good time to review your own financial situation and see how these savings can be maximized, whether through budgeting or looking into other possible tax exemptions.
**Host:** Great advice, Marty. Thank you for breaking this down for us today!
**Marty Kiar:** Thank you for having me!
**Host:** And thank you to our viewers for tuning in. Stay informed and keep those questions coming!