1. ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS May 8, 2007

2. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

3. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

4. History Original Additional Exemption: In 1998, Voters Approved an Amendment to the Florida Constitution Allowing Cities and Counties to Exempt up to $25,000 of the Taxable Value of Homesteads Owned by Senior Citizens Aged 65 or Over With Adjusted Gross Household Incomes That Do Not Exceed $20,000. Exemption is in Addition to the Basic $25,000 Homestead Exemption.

5. History Original Additional Exemption: In 1999, the Florida Legislature Codified This Additional Exemption by Adopting Section 196.075 of the Florida Statutes. Pursuant to That Authority, the Board Enacted the “Save Our Seniors Homestead Exemption Ordinance” Effective September 5, 2000.

6. History Increased Additional Exemption: November 2006 General Election, Voters Approved HJR 353 Which Created an Amendment to the Florida Constitution Relating to an Increased Additional Senior Exemption. 2007 Legislature Enacted This Provision Into Law, Retroactive to January 1, 2007.

7. History Increased Additional Exemption: New Law Increases the Additional Exemption for Low Income Seniors That Cities and Counties May Grant From a Maximum of $25,000 to a Maximum of $50,000. In Order to be Effective for the 2007 Tax Year, an Adopted Ordinance Must be Delivered to the Property Appraiser by June 1, 2007.

8. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

9. Recipients Currently 5,065 Limited Income Senior Exemptions on the Tax Roll.

10. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

11. Savings Limited Income Senior Exemption Applies Only to the Countywide Millage Rate, Currently 5.1639 Mills. Assuming a Recipient Has at Least $25,000 of Remaining Taxable Value, an Additional Exemption Would Save Them $129.

12. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

13. Fiscal Impact Current $25,000 Limited Income Senior Exemption Amounts to Approximately $120 Million in Exempted Property Value. Assuming All Current Recipients Have at Least $25,000 of Remaining Taxable Value, an Additional Exemption Would Cost the County Approximately $620,000.

14. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

15. Summary Additional Limited Income Senior Exemption Would Reduce Property Taxes for Over 5,000 Recipients by About $129. Cost to County is About $620,000. Adopted Ordinance to Property Appraiser by June 1, 2007.

16. Additional Exemption for Low Income Seniors History Recipients Savings Fiscal Impact Summary Board Direction

17. Board Options: –Delay to a Future Year –Proceed this Year Ordinance to BCC on May 22, 2007 To Property Appraiser by June 1, 2007

18. ADDITIONAL HOMESTEAD EXEMPTION FOR LOW INCOME SENIORS May 8, 2007