Walton County proposal links home tax breaks to sales tax collections

The proposal would exempt part of eligible homes' assessed value from Walton County property taxes. It would cover a resident's homestead property within the Walton County special district. The measure would need a two-thirds vote in both legislative chambers and approval by more than half of county voters. The yearly exemption amount would be based on net proceeds from the local sales tax; assessed value above the exempt amount would remain taxable. The exemption would add to other homestead exemptions and would not affect taxes imposed by other local governments. The exemption would apply to tax years beginning January 1 of the year after voter approval, through December 31, 2039. The proposed 1 percent sales tax would run from January 1, 2028, through December 31, 2037.

Homeowners would generally need to apply for the proposed exemption through the county tax official. These rules would apply to people seeking or receiving the proposed Walton County exemption. A homeowner already receiving a county homestead exemption for the same home, and still eligible, would not need to file an initial application. Once granted, the exemption would renew each year while the person lives in the home and remains eligible. The person would have to tell the county tax official if they became ineligible. After it is granted, the exemption would renew each year while the homeowner remains eligible.