Hillsborough County Projects $367M Property Tax Revenue Loss Under Proposed Amendment

Hillsborough County faces a projected $367 million loss in property tax revenue over the next five years if a proposed amendment passes in the upcoming November general election. This amendment, if approved by voters, would significantly alter property tax calculations for many homeowners and non-homestead property owners across the county.

The proposed amendment introduces an additional homestead exemption of $50,000 for homes valued between $100,000 and $150,000. It also eliminates the 'recapture rule,' which currently limits annual assessment increases to 10% for non-homestead properties. County officials estimate that 90% of homeowners in Hillsborough County would benefit from the new homestead exemption.

Statewide, property owners could collectively save an estimated $1.2 billion in property taxes during the first year alone. However, Hillsborough County anticipates an annual tax revenue loss of $60 million in the first year. This potential reduction in funds prompted County Administrator Bonnie Wise to begin discussions with various departments to identify possible budget cuts and adjustments.

The amendment will appear on the November general election ballot, allowing residents to decide on its implementation and the subsequent financial implications for the county.