Hillsborough County Commissioners agreed Feb. 20 to a heftier property tax break for older senior homeowners. Instead of the $40,000 homestead exemption long-time residents now get, the amount will rise to $50,000 starting in the 2014 tax year.
The additional homestead exemption applies to taxpayers age 65 and older who own their homes and have lived in them for at least 25 years. The value of the home must be under $250,000 and there are certain income requirements.
Commissioners voted 7-0 to approve the measure.
Commissioner Kevin Beckner expressed concerned that residents would not know about the new exemption or how to file for it. Staff assured him staff from the Hillsborough County Property Appraiser's Office would make that information.
The new tax break is effective for the 2014 property tax year.
Information on how to claim the exemption will eventually be made available on the Hillsborough County Property Appraisers Office website.
The break is expected to reduce the county’s ad valorem tax revenues by $178,900.
What do you think about the tax break for seniors with limited incomes? Let us know in the comment box below.