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TAMPA, Fla. - Floridians decided to pass Amendment 5, which will add an inflation adjustment to the current homestead tax exemption.
Homestead exemption gives homeowners a break on the amount of property that is subject to property taxes. For instance, a $300,000 house that is subject to the homestead exemption would only pay property taxes on $250,000 dollars of home value.
The portion of the exemption that pays for local schools will not be impacted by the adjustment for inflation.
The amendment will take effect on January 1, 2025.
Click here to read the full amendment.
Amendments 1, 2, 5 and 6 were put on the ballot by the Florida Legislature. Amendments 3 and 4 are citizen initiatives.
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