AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE AMENDING THE CITY'S CODE OF ORDINANCES, BY AMENDING CHAPTER 18, "TAXATION, " ARTICLE V, "ADDITIONAL HOMESTEAD EXEMPTION," TO INCREASE THE ADDITIONAL HOMESTEAD EXEMPTION FOR CERTAIN PERSONS SIXTY-FIVE (65) YEARS OF AGE AND OLDER FROM $25,000 TO $50,000 AND TO PROVIDE FOR AN ADDITIONAL HOMESTEAD EXEMPTION IN THE AMOUNT OF THE ASSESSED VALUE OF PROPERTY FOR CERTAIN PERSONS SIXTY-FIVE AND OLDER THAT MEET CERTAIN RESIDENCY, INCOME AND OTHER STATUTORY REQUIREMENTS. (SECOND READING)(PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the October 8, 2020, City Commission Meeting.
The City desires to amend Chapter 18 of the City's Code of Ordinances, relating to the City's "Additional Homestead Exemption" to provide for additional exemptions for persons sixty-five (65) years of age and older who meet certain statutory requirements.
DISCUSSION:
Section 196.075, Florida Statutes, provides for an additional homestead exemption of up to $50,000 for certain persons sixty-five (65) years of age and older who meet specific statutory requirements, as well as an additional homestead exemption in the amount of the assessed value of property for certain persons sixty-five (65) years of age and older that meet specific residency, income and other statutory requirements. The City of Coconut Creek currently provides for an additional homestead exemption up to $25,000 for certain persons sixty-five (65) years of age and older who meet specific statutory requirements. The City desires to increase the additional homestead exemption for said persons from $25,000 to $50,000, as well as provide an additional homestead exemption in the amount of the assessed value of property for certain persons sixty-five (65) years of age and older who meet specific residency, income and other statutory requirements.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT:
REVENUES: $ (65,000)
EXPENDITURES: N/A
BUDGET...
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