The proposal needs 60 percent approval to take effect and would begin by increasing the state\u2019s homestead exemption from $50,000 to $150,000 in 2027, then to $250,000 in 2028.<\/p>\n
Analysts say the proposal on the ballot could save homeowners an average of $3,000 every year, but the actual amount varies based on the value of your home.<\/p>\n
Earlier this year, the state created a calculator that could estimate savings, but a third party says the state\u2019s tool could be off by hundreds or even thousands. <\/p>\n
The calculator from My Exemption Check<\/a>, a private property tax consulting company, calculates the proposed exemption separately for 2027 and 2028. It uses county non-school tax rates and allows homeowners to enter the exact millage rate from their TRIM notice.<\/p>\n The company says the state\u2019s amendment calculator includes a school tax reduction not found in the ballot language, while their calculator is based on the final amendment.<\/p>\n The CEO told Channel 9 his tool is not perfect either, but stated it is a better reflection of potential savings.<\/p>\n \u201cMy thing is you need to make an informed decision. I\u2019m not going to say how you should vote,\u201d said Casey Vockell, CEO of My Exemption Check, \u201cYou need to recognize what your savings are going to be, but also weigh, you know, what the damage is going to be.\u201d <\/p>\n Channel 9 put an Oviedo address into both the state and the third-party calculators. The state calculator showed potential savings of nearly $3,000. Vockell\u2019s tool showed savings of just over $1,600 annually.<\/p>\n \u201cYou need to know what you\u2019re actually getting if it is approved, good, bad, or indifferent,\u201d said Vockell.<\/p>\n Nathan Cassidy officially supports increased exemptions as the state committeeman for the Orange GOP, but he also says his decades of experience as a mortgage lender have informed his opinion on Amendment 3. <\/p>\n \u201cOne thing that\u2019s really hurting families right now is if they\u2019re buying homes, these large tax bills,\u201d said Cassidy, \u201cWe\u2019re going to see a lot of families being able to afford more homes and be able to live a little bit more comfortably when those tax breaks hit.\u201d <\/p>\n Local governments say savings come with a cost. Orange County says more than half of its property tax collections fund public safety. Fire rescue and sheriff taxes would be reduced by about $118 million once the full exemption takes effect.<\/p>\n \u201cWhen you\u2019re talking about parks rolling back, when you\u2019re talking about the sheriff not being able to answer as quickly or arrive as quickly, those are very scary, scary possibilities that we\u2019ve never imagined,\u201d said Orange County Commissioner Mayra Uribe. <\/p>\n Orange County says a significant reduction in public safety revenue<\/a> could make it more challenging to maintain staffing levels, expand services to meet population growth, and invest in future needs. <\/p>\n Click here<\/a> to download our free news, weather and smart TV apps. And click here<\/a> to stream Channel 9 Eyewitness News live.<\/p>\n