St. Augustine, St. Augustine Beach officials concerned about homestead expansion
St. Augustine Record
Thanks to the Florida Legislature, voters will decide in November 2018 whether to increase the homestead exemption by $25,000, which could save the average homeowner $200 to $300 a year. If passed, homestead exemption increases would likely take a chunk out of city budgets in St. Augustine and St. Augustine Beach. "I fully anticipate [it] passing," said Mark Litzinger, director of financial services for St. Augustine. City officials have already started looking at potential effects. The St. Johns County Property Appraiser estimated the impact to the city's property tax revenue, based on properties now eligible for homestead exemptions, would be $450,000 in lost revenue, according to Litzinger. The city budget is about $50 million with adjustments made for transfers in the city, and the city expected to bring in about $9.7 million in ad valorem taxes this fiscal year, according to the city's budget summary. St. Augustine officials are also dealing with property value adjustments because of Hurricane Matthew damage.