Election day is Tuesday, November 6, 2018, and Boca Raton real estate owners face some decisions. There are 12 proposed amendments on the ballot in Florida, two of which affect homeownership and property taxes. Following is a summary of these proposals:
Amendment 1: Increased Homestead Property Tax Exemption
This proposal grants an additional $25,000 Homestead Exemption for properties valued over $125,000. There are also some increases for properties between $100,000 and $125,000. This would apply to all levies other than school districts and would take effect January 1, 2019.
If this amendment, commonly referred to as the “Third Homestead” is approved by voters, it will be worth an additional $200-300 (approximately) tax savings for those…