One of my major roles and responsibilities as your Property Appraiser is to inform Citrus County property owners on the nuances of our office and the tasks in which we operate every day with the highest level of excellence possible.  It is also very important to me to inform you of any new changes that will be coming your way on how we assess your property which ultimately determines how much you pay in property taxes. 

Trust me, being a homeowner myself, I know the burden we all face when it comes to the rising cost of property values, homeowners insurance, and other financial matters related to the cost of owning a home.  I know that it is financially burdensome for many families, not only in Citrus County but all over Florida. 

As most of you now know, Florida’s Amendment 5 was passed with 66% “yes” vote by statewide voters.  What is Amendment 5 you may ask, it is the “Homestead Annual Inflation Adjustment.” So what does that mean for each of you?  Let me explain. 

With the passing of Florida’s Amendment 5, your homestead exemption just received basically a cost of living increase in 2025.  A homestead exemption reduces a property’s taxable value for the homeowner as long as the property is the homeowners permanent residence.  I want to make sure this is mentioned as well, this adjustment only applies when the inflation percent change is positive.  If there are any negative valuation scenarios that will not affect your homestead exemption. 

Let me get to the legality of Florida’s Amendment 5 for a moment.  Anytime an amendment is proposed and passed by our elected legislators that would effectively change our state constitution it must go to the voters. The amendment must pass with 60% of the vote or more.  That is why only two of the six amendments passed this year.  They were the only two that passed with 60% of the vote.  Amendment 5 requires an annual adjustment for inflation to the value of current or future homestead exemptions that apply solely to levies other than school district levies and for which every person who has legal or equitable title to real estate and maintains thereon the permanent residence of the owner, or another person legally or naturally dependent upon the owner is eligible.

Concerns have definitely been raised about a loss of revenue to our local taxing authorities.  However, the estimated figures show that the impact on local governments is minimal and should not impact services that you have grown accustomed to seeing and utilizing.  I mentioned this early but definitely worth mentioning again is that the portion of the exemption that pays for local schools will not be impacted at all. 

So what does all of this mean? A bit of a tax break is on the way for homeowners in Citrus County and all across Florida. The newly approved Amendment 5 will adjust part of your homestead exemption according to inflation. The change takes effect on Jan. 1 and will impact your 2025 tax bill due the following year.  I want to make sure I am clear on this aspect, the savings for the homesteaded property owner will be modest in the first year.  In Citrus, the average homesteaded property owner will save approximately $15 in actual taxes.  I do believe that figure will grow over time.  I also believe that every penny saved by our property owners helps. 

So what do you need to do as a homesteaded property owner?  Nothing.  This new additional exemption will be directly administered to all homesteaded properties by our office.  Every home is impacted differently depending on the assessed value.  I can promise you that the Citrus County Property Appraisers office will make this transition as seamless as possible for all of our Citrus County property owners. 

If my office can ever be of assistance to you, please do not hesitate to contact us (352)-341-6600 or stop by and meet with a member of our staff at one of our two convenient locations in Inverness or Crystal River. You can also chat with one of our customer service representatives during normal business hours on our Live Chat feature on our website at citruspa.org.