Great news for our seniors! The Pasco Board of County Commissioners (BCC) unanimously approves an additional homestead tax exemption for low-income property owners 65 years or older – providing a much-needed break on their future tax bills.
The additional exemption, set at $50,000, aims to provide financial relief to seniors with a household income not exceeding $35,167 for 2023, helping them maintain their permanent residences starting in the 2025 tax year.
Example: If your home is valued at $250,000, after applying the initial $50,000 homestead and adding the additional $50,000 assessment reduction, a qualified applicant would only be taxed on a value of $150,000 under this new exemption. It’s important to note the additional exemption applies only to county operational ad valorem tax levies and does not apply to the millage of the school district or other taxing units.
“This tax break is in response to the growing need to support low-income seniors, allowing them to maintain their residences comfortably,” says BCC Chair Ron Oakley. “We’re thrilled at this opportunity to provide our seniors some relief. Pasco County is excited about contributing to the well-being of our aging population and recognizes the importance of allowing seniors to age in place.”
To be eligible, seniors must submit a sworn statement to the Pasco County Property Appraiser regarding household income by March 1, 2025. They must also include documentation such as federal income tax returns and wage statements by June 1, 2025.
“Exemptions are your best protection for property tax savings and predictable increases,” says Pasco County Property Appraiser Mike Wells. “We’re grateful the BCC is offering this additional benefit for Pasco seniors, and our team stands ready to assist with the application and qualification process.”