I thought I understood my dad to say that once you owned your home, assuming it was your primary residence, there was a limit (maybe a limit in the % it could increase?) to how much the tax could be raised, regardless of how fast the value of the home increased. Mom and Dad bought a place on Bonita Beach in the early 90's and property values there rose dramatically. I thought he told me that as long as it was their primary residence, the rate of increase in the taxes was capped.
Is this true, and is this a part of the Homestead Exemption?
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