Broward County Seniors get tax break
County Commission passes homestead exemption
The Broward County commission has voted unanimously to pass a tax break for senior citizens. Sponsored by District 9 Commission Dale V.C. Holness, the ordinance will increase the current homestead exemption for residents in the county from $25,000 to $50,000. The ordinance, however, only applies for resident 65 and older who meet income restrictions specified by the county.
With rising cost of living, Commissioner Holness says the higher homestead exemption is designed to provide support for local seniors living on a tight budget.
“I [brought]…this item forward for the seniors who are on a fixed income,” said Holness. “I want to ensure we are helping those who have lived a long time to be able to stay in their homes and not be burdened by taxes.”
The ordinance is estimated to affect 10,000 property owners in the county, with potential savings ranging up to a maximum of $143. The homestead exemption overall, reduces the portion of the property’s value that the owner is responsible for paying taxes on. So if a home is valued at $100,000 and a homeowner qualifies for the $25,000 exemption, they pay taxes on the home as if it was $75,000. With the additional $25,000, a homeowner would pay taxes on the home as if it were valued at $50,000.
This marks the first time over a decade that the county passed a homestead exemption break for senior resident. In 1999, Broward County enacted a $25,000 property tax exemption for low income seniors. Currently more, than 20,000 properties in Broward County receive this exemption.