Annual Adjustments to the Value of Certain Homestead Exemptions

Property tax millage rates are set by counties, school districts, cities, and special districts. Homes in Florida are assessed at Just value or Market value minus the Homestead Exemption. The Homestead Exemption reduces the taxable value of a property. A primary residence is eligible for a $25,000 Homestead Exemption from all property taxes. For homestead's value between $50,000 and $75,000, another $25,000 Homestead Exemption is applied, which exempts that amount from all property taxes, except school district taxes.

Amendment 5 applies an annual inflation adjustment for the property tax exemption applied to the value of the homestead between $50,000 and $75,000. The adjustment is made every year on January 1 (beginning 2025) based on the percent change in the Consumer Price Index (CPI) reported by the U.S. Department of Labor. The adjustment would occur only if the CPI increases. There is no adjustment if the CPI decreases.

Amendment 5 was approved by Florida voters in the November 5, 2024, general election. This amendment changes section 6 of Article VII, and creates a new section in Article XII, of the Florida Constitution to require an annual inflation adjustment to the value of current or future Homestead Exemptions for levies other than school district levies. This amendment takes effect January 1, 2025, and will begin with the 2025 tax year assessment.

The adjusted exemption value for Tax Year 2025 is $25,722.00

Click here for more information on Amendment 5 (pdf)