Miami Springs councilmembers will vote on approving a $50,000 homestead exemption for eligible seniors at Monday’s meeting.
Florida voters approved a statewide amendment in November to boost senior property exemptions to $50,000. But municipalities have to adopt an ordinance in order for residents to avail themselves of the tax break.
The council has until Jan. 1 to approve the new rule.
Miami Springs approved a $25,000 senior property exemption back in 2007 – two years after eligible seniors would have been able to take advantage of the statewide tax break.
The city stands to lose $38,000 in property taxes for each of its 210 eligible seniors, ages 65 or older, according to Finance Director Bill Alonso. The senior exemption would be in addition to other property tax breaks, such as the $50,000 standard homestead exemption.
“And on 210 properties, you’re talking about a significant amount of money,” Alonso said.
To qualify, Miami Springs senior property owners must:
-Be 65 or older
-Have an annual household income of less than $20,000
-Have “legal or equitable title” to a home with an assessed value of less than $250,000 for at least 25 years
“Maintaining your property as your permanent residence for 25 years is not a common thing,” said City Attorney Jan Seiden.
City leaders voted 5 – 0, at the Nov. 28 meeting to give preliminary approval to the $50,000 senior homestead exemption. The final vote takes place at Monday’s meeting, 7 p.m. at Miami Springs City Hall, 201 Westward Dr. For information, call 305-805-5000.