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File #: 2021-5163   
Type: County Administrator Status: Agenda Ready
File created: 11/9/2021 Meeting Body Board of County Commissioners
On agenda: 1/4/2022 Final action:
Title: Request Consideration of Amendment 11 with Supplemental Information Provided by the Property Appraiser
Attachments: 1. 2021_Amendment_11_Impact (004), 2. County Comparison, 3. Amendment 11 - Burton, 4. Amendment 11 - DeGrenia, 5. Amendment 11 - Leggett

 

SUBJECT:

Title

Request Consideration of Amendment 11 with Supplemental Information Provided by the Property Appraiser

Body

 

INITIATOR:

DEPARTMENT:

Amanda Tart, Executive Director, Administrative Services

Administration

 

DESCRIPTION/BACKGROUND:

The Florida Legislature enacted the first additional homestead exemption for seniors based on income in 1999 via Florida Statute 196.075, commonly known as the long-term resident tax exemption.

 

The Florida Legislature presented an additional homestead exemption for seniors to voters via the 2012 ballot. This exemption was also approved and allowed counties and municipalities to grant this additional exemption equal to the assessed value of the homestead property if the resident met the following conditions:

-                     The property’s just value must be less than $250,000,

-                     The owner must have maintained permanent residency on the property for no less than 25 years,

-                     The property owner is age 65 or older, and

-                     The property owner has a low household income as defined by general law.

 

The Florida Department of Revenue’s adjusted income limitation amount for 2021 is $31,100.

 

The Property Appraiser’s office has provided an estimated impact based upon 10 percent (10%) of Marion County residents within each taxing district meeting the state requirements for eligibility. This estimate is higher than the actual numbers for the municipalities of Belleview and McIntosh, which have adopted an additional tax exemption of $25,000 via Amendment 11.

 

A total of 8,780 parcels were found in unincorporated Marion County which meet the first three (3) criteria listed above. Per the Property Appraiser’s report, it is estimated that approximately ten percent (10%) of these parcels will meet the income threshold, eliminating about $29,953,972 of taxable value, which equates to a reduction in County revenue of $132,397 in the General Fund, $92,451 in the Law Enforcement MSTU Fund, $28,032 in the EMS Fund and $2,528 across the Rainbow Lakes Estates, Marion Oaks, Silver Spring Shores, and Hills of Ocala MSTUs based on the 2021 final millages. The maximum impact, if every parcel met the income threshold, would be a $1,323,966 loss in revenue for the County.

 

Currently, there are fifteen (15) unincorporated counties with the exemption (list attached).

 

BUDGET/IMPACT:

Estimated Revenue loss of $255,408.

 

RECOMMENDED ACTION:

Recommended action

Board discussion and direction.

end