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The amendment caps the increase of the assessed value of a home with a homestead exemption to the lesser of 3% or the rate of inflation. This means that if an owner had a homestead exemption on a home valued at $100,000 in 1995, and the exemption was still valid in 2005, the most the home could be assessed at is approximately $126,000 .
This type of tax exemption shields homeowners from excessive amounts of property tax.
Florida's homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality. [7] Kentucky, for 2019 and 2020, the exemption has been set at $39,300. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year. [8]
Some sources credit Fort Lauderdale Rep. Dwight Rogers as the author of Florida's homestead-exemption bill, because he introduced it in the House in 1933. But Hodges was its sponsor in the Senate ...
In Florida, this is correct but only for purchase of another Florida homestead property, and for a limited time. If you don't sink the proceeds into a new homestead within a 'reasonable' time, the proceeds lose homestead exemption status. I don't know what the law might be in any other states. bd2412 T 18:54, 15 December 2006 (UTC)
WPTV's Tania Rogers explains what a yes or no vote for Florida's constitutional amendment question related to an additional homestead property tax exemption means.