Low-income seniors in Hillsborough County will probably get an additional property tax reduction of about $87 per household starting in 2008.
The County Commission, in a preliminary, 4-2 vote today, agreed to an additional $15,000 to the $50,000 homestead exemption that low-income seniors already enjoy. Recipients have to be 65 or older with an annual household income of $24,000 or less.
County Commissioner Brian Blair last week proposed to make the additional exemption $25,000, but he agreed to scale it back because of uncertainty over county revenue in coming years.
Principally, commissioners are worried about a referendum in January on an amendment that would give homeowners a "super" homestead exemption of 75 percent of the first $200,000 of a home's value and 15 percent of the next $300,000. If the amendment passes, homeowners can choose between taking the additional exemption or keeping their 3 percent "Save Our Homes" property tax cap.
The county had to make deep budget cuts this year and laid off 489 workers because of a state-mandated property tax cut. Budget Director Eric Johnson said he expects the county to make further budget reductions in the next few years, meaning money for a number of popular programs will have to be cut.
In that scenario, the $500,000 reduction in revenue that will result from the latest senior citizen exemption, though a small part of the overall budget, will add to the budget-cutting burden.
"You lose a half-million dollars, you lose a half-million dollars worth of programs," Johnson said.
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