TAMPA, Fla. — Most Florida homeowners that live in their primary residence enjoy up to $50,000 in homestead exemption.

That takes up to $50,000 off the taxable value of the home, meaning they pay less in property taxes. That total exemption is broken up into two segments. The first $25,000 of value is exempted from all taxes currently, and the second $25,000 is not exempted from school taxes. 

Now, the first half of that exemption will be upward adjusted for inflation with the passage of Florida's Amendment 5 ballot proposal.

Starting in 2025, Florida homeowners will see anywhere from a 1-3% increase on the $25,000 exemption, though the exact percentage will match the inflation rate.

State residents passed Amendment 5 with 66 percent of the vote. The amendment calls for annual adjustments to the value of certain homestead exemptions.

Supporters of this amendment hope it will help homeowners with rising cost of living, but people opposed worry about the funding from the tax that goes toward public safety, parks and libraries.

Vandyk Mortgage Corporation broker Shawn Miller said the amendment will save homeowners about $8 to $20 a year.

But the real message for homeowners is to check to make sure you have the exemption. And if you don’t, file for one.

“We have buyers that forget, you know?” said Miller. “They will still forget even though we send them reminders. The $50,000 homestead exemption is part of it, but the real important part of it is the save our homes cap.

“So your taxable valuable can only go up 3 percent a year.”

And that 3 percent cap can add up to thousands of dollars over the years.

This exemption does not apply to taxes paid to your school district.