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Committee hears potential 30% revenue hit if state alters homestead exemptions
Summary
Committee members were told pending state proposals to expand homestead exemptions or change Save Our Homes rules could eliminate roughly 30% of St. Pete Beach's revenue—about $5–6 million annually—prompting staff to explore replacement strategies and report back.
At the Nov. 5 meeting of the St. Pete Beach Budget & Finance Committee, members and staff discussed the fiscal risk posed by several pending state legislative proposals that would change homestead exemptions and the Save Our Homes assessment cap.
"I wanna say ... if the state legislature makes any changes to ad valorem homestead exemptions, that could significantly impact our revenue. So I think it's about 30% of our revenue would be instantly gone,"…
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