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HB 7107 — Homestead Exemption Implementation

by Ways and Means Committee and Rep. La Rosa

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Community Affairs Committee (CA)

HB 7107 provides the statutory implementing language for the amendment to Article VII, Section 6(a) of the State Constitution, proposed in HJR 7105. HJR 7105 provides an additional homestead property tax exemption from all taxes, other than school district taxes, of up to $25,000, by exempting assessed value greater than $100,000 and up to $125,000.

The bill amends s. 196.031, F.S., to provide the dollar threshold for the additional homestead exemption in the constitutional amendment. Additionally, the bill provides that the rolled back rate used by local governments in Fiscal Year 2019-2020 must be calculated as if the tax base had not been reduced by the increased homestead exemption. This provision also applies to the calculation of higher millage rates that may be levied with either a two-thirds or unanimous vote by a local governing board.

The bill directs the Legislature to appropriate funds to offset ad valorem tax revenue losses in fiscally constrained counties, as defined in s. 218.67(1), F.S., attributable to the reduction in the property tax base caused by the increased homestead exemption. There are presently 29 fiscally constrained counties.

If approved by the Governor, the bill takes effect on the same day that the constitutional amendment in HJR 7105 takes effect, which is January 1, 2019.

Vote: Senate 28-9; House 90-24