This tool shows you how much of a tax break you may get in November

Do you know if you will benefit from Amendment 1, the proposed third homestead exemption slated for the November ballot? Property appraisers have a tool for that.

Developed by Pinellas County Property Appraiser Mike Twitty, this tool lets residents in 60 of Florida's 67 counties see how much of a property tax break they might get if voters pass the amendment, which would go into effect Jan. 1, 2019. Baker, Clay, Collier, Dixie, Highlands, Leon and Orange counties declined to participate.

Manatee County Property Appraiser Charles Hackney said the tool has been available on his website for about two months, but not many residents have been asking about the amendment.

Homeowners who are not already receiving a homestead exemption can apply through the property appraisers office each year by March 1, if the home has been owned and occupied by Jan. 1 of that year.

The first $25,000 in assessed value of a home is exempt of all millage rates. There is no exemption for assessed value from $25,000 to $50,000, or from $75,000 to $100,000. The second homestead exemption, between $50,000 and $75,000, applies to all millage rates except for school millages. The proposed third homestead exemption is for assessed values between $100,000 and $125,000, also does not include school millages.

In other words, if you rent an apartment or your homesteaded property is not worth more than $100,000, you will not benefit from this property tax exemption. Only residents with an assessed value of $125,000 or more will receive the full benefit.

There are 86,673 total homesteaded properties in Manatee County. The second homestead exemption applies to 78,546 of these homes. About 73 percent of homesteaded properties, or 54,781, are eligible for the full $25,000 third exemption. Fewer than 9,000 will partially benefit.

To see how much you could benefit, visit 3hxestimator.org, choose your county and enter your address.

Property owners should note that this tool is based on 2017 assessment roll data and millage rates, and recent homestead applications may reflect a benefit of $0.

Many counties are concerned about how this amendment may affect their property tax revenue. Manatee County expects an $11.1 million deficit in 2020, and have been preparing for that shortfall by putting aside funds.