Ervin A. Higgs, CFA
Property Appraiser
Monroe County, Florida

Amendment 1 Information

Portability of Homestead Assessment Difference

Upon Amendment 1 becoming law in 2008, homesteaded property owners in Florida gained the ability to transfer the amount of “Save Our Homes” assessment difference from a parcel sold by them to a parcel bought by them in either of the two subsequent years. Owners can transfer up to a maximum of $500,000 of “Save Our Homes” savings from their old homesteaded property to their new homesteaded property. For further information on this new benefit, please contact the Monroe County Property Appraiser’s office.

Tangible Personal Property $25,000 Exemption

A Tangible return must be filed on or before the due date in order to receive the $25,000 exemption.

Owners of tangible personal property that is fully exempt due to the application of this exemption will receive a TRIM notice for only the first year in which this exemption makes the account fully exempt. Owner’s of tangible personal property will not receive a TRIM notice in subsequent years, but MUST let the Monroe County Property Appraiser’s office know if the value of their tangible personal property exceeds $25,000. For further information on this exemption or the requirement to file a tangible personal property return please contact the Monroe County Property Appraiser’s office.

Additional $25,000 Homestead Exemption

Property Owners who qualify for the $25,000 homestead exemption also qualify for the additional $25,000 exemption. The additional $25,000 exemption applies only to the assessed value of the property that is between $50,000 and $75,000.

For example:

  • If you have a homestead exemption on a parcel that has an assessed value of $67,455 then you would receive a homestead exemption amount of $25,000 and an additional homestead exemption amount of $17,455.
  • If you have a homestead exemption on a parcel that has an assessed value of $204,429 then you would receive a homestead exemption amount of $25,000 and an additional homestead exemption amount of $25,000.
  • If you have a homestead exemption on a parcel that has an assessed value of $44,885 then you would receive a homestead exemption amount of $25,000 and the additional homestead exemption would not apply.