The “Granny Flats” exemption was adopted by the Martin County Board of Commissioners effective for the 2007 tax roll. It offers homeowners an exemption for building living space on a homesteaded property to accommodate parents or grandparents that are age 62 and older. It applies only to new construction or reconstruction completed after January 7, 2003.
- The value exempted from taxes for the homeowner cannot be more than the increase in assessed value from the construction or reconstruction OR 20% of the total assessed value of the property, whichever is less.
- It applies only during the time that at least one parent or grandparent maintains his or her primary residence within the homestead property of the owner.
- The parent or grandparent may not be receiving a residency based benefit elsewhere.
- When the property owner no longer qualifies for the exemption, the previously excluded value of the improvements will be added back to the assessed value of the property.