Seniors citizens, low-income, long-term residents or disable veterans will be able could receive a tax exemption, if the measure is approved on the Nov. 8 ballot.
The current law in 2012 states the tax break is available to seniors, as long as, the home’s value does not exceed the amount of $250,000.'
[More: News 6 2016 election guide]
On the November 8 ballot, Amendment 5 reads “Proposing an amendment to the State Constitution to revise the homestead tax exemption that may be granted by counties or municipalities for property with just value less than $250,000 owned by certain senior, low-income, long-term residents to specify that just value is determined in the first tax year the owner applies and is eligible for the exemption,”
So what does this mean for you at the polls?
This means a senior that has an income less than $20,000 will receive the exemption, and they would also receive an exemption, if their home value is more than $250,000.
Read more about Amendment 1, Amendment 2, and Amendment 3 here.
“One struggling senior who has been in a home only 20 years might have greater need for tax relief than a neighbor who bought their home five years earlier. But the tax code rewards one factor above all others: length of home ownership. It's arbitrary, and it needs an overhaul,” the Tampa Bay Tribune said.
If approved, the decision will still be reviewed by each city and county to make the final approval.