Largo Approves Senior Tax Exemption Increase
State Constitutional Amendment 11, which passed in November, allowed cities to provide an additional senior tax exemption.
Largo recently approved a senior tax exemption increase aimed at saving local seniors more money.
The change comes after Florida voters approved three constitutional amendments that effect property taxes.
Amendment 11 allowed cities to give senior citizens an additonal tax exemption. Now seniors who qualify can apply for an additional $25,000 homestead property tax exemption. This savings is on top of the $50,000 homestead exemption, available to eligible Florida residents.
The increase provides Largo seniors with a $10,000 increase from the previous senior homestead exemption established in 2007, a city report states.
The new exemption requires individuals to be permanent Largo residents, qualify for homestead exemption, be 65 years of age or older and have an adjusted gross household income not to exceed $27,030, a city report states.
Amendment 11 required the city to adopt an ordinance to allow for the additional senior tax exemption, the city passed the ordinance on second and final reading Jan. 8.
The new senior tax exemption means Largo will collect about $83,171 less in property tax each year. The "current low-income senior property tax exemption applies to 1,288 parcels," according to a city report.
The other amendments affecting property taxes did not require Largo City commission action. Amendment 2 removed the requirement that a veteran needed to be a Florida resident when they entered the military to get the Disabled Veteran Property Tax discount.
Amendment 9 provided full property tax exemption for surviving spouses of military veterans or first responders killed while in the line of duty.