Last October, I wrote about the Constitutional Amendment on the November ballot that would allow counties and municipalities to grant an additional homestead tax exemption. Counties and municipalities would have the choice to allow exemptions up to $50,000 or exemptions up to the assessed value of the homestead, if the homestead’s just value is less than $250,000, or both. (See previous article here). I mentioned that if the Constitutional amendment passes, counties and municipalities have a choice to either have an additional tax exemption for seniors of 1) $50,000.00 if the property is the permanent residence of the owner, and the owner is 65 years old and has a household income of $20,000 or less (adjusted for inflation), or 2) The amount of the assessed value of the property, if the just value of the property is less than $250,000, and the owner is 65 years old, has a household income of $20,000 or less (adjusted for inflation), and has resided at the property for at least 25 years.
In November 2012, Florida voters passed the Constitutional Amendment. On February 26, 2013, the Board of Commissioners of Lee County duly passed and adopted Lee County Ordinance No. 13-03, which adopted the homestead exemption that was approved by the voters. Thus, in Lee County, Florida, for seniors who are taxed by Lee County, there is now a tax exemption on homestead of:
1. $50,000 if the property is the permanent residence of the owner, and the owner is 65 years old and has a household income of $20,000 or less (adjusted for inflation), or
2. The amount of the assessed value of the property, if the just value of the property is less than $250,000, and the owner is 65 years old, has a household income of $20,000 or less (adjusted for inflation), and has resided at the property for at least 25 years.
For 2013, the income limit adjusted for inflation is $27,590, thus, the owner must have income of less than $27,590 for this year. The income limits will be adjusted every year according to changes in the consumer price index (CPI). Note this exemption only applies to Lee County taxes and not to the city ad valorem taxes. Unless the other municipalities pass and approve the exemptions, the exemption will not apply to taxes from the City of Sanibel, the Town of Fort Myers Beach, the City of Bonita Springs, or the City of Cape Coral.
In order to receive this homestead exemption, you will need to file the Sworn Statement of Adjusted Gross Income of Household, which you can find at the Lee County Property Appraiser’s office or on their website, www.leepa.org, by March 1st. You will also need to submit a copy of your 2013 Income Tax Return Form 1040 and W-2s and 1099s for all people who reside in your home, except for renters and boarders by June 1st. If you do not file an Income Tax Return, you still need to file the Sworn Statement of Adjusted Gross Income of Household and the IRS Form 4506 by March 1st. You will need to later submit copies of your Social Security ement (SSA-1099) to the Lee County Property Appraiser by June 1st.
Every year in January, it is a good idea to look to see if you might qualify for the additional homestead exemption for seniors. If you already receive one of the additional exemptions for seniors, it is a good idea to review your financial situation to see if you still qualify. For example, if you move or rent out your homestead, you would lose your right to homestead exemptions. Also, if your income increases to above the income limit, which is $27,590.00 for 2013, you would lose your right to an additional homestead exemption for seniors.
At Osterhout & Mckinney, we care about the issues impacting the elderly. We can be reached at (239) 939-4888.