Quote:
Originally Posted by eyc234
This can not be true! Someone got some facts and did a little research to hopefully get to the truth of a matter with (OMG) some knowledge applied. Not using the Chicken Little approach.
Thank you, thank you, thank you!!!!
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Sorry, it's not true.
Quote:
Originally Posted by jgreen12
Fl passed a law in 1995 called "save our homes". It caps tax increases at 3% or the cpi (consumers price index) increase which ever is the LEAST. So it looks like a typo and probably is 2.5% increase of ASSESED VALUATION OF YOUR HOME. Not the actual selling price.
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It doesn't cap the TAX INCREASE at 3% it caps the ASSESSED VALUE INCREASE OF THE HOME at 3%. Google is your friend:
save our homes fl - Google Search
Your taxes can go up 100% on the current assessed value but the taxable assessment for tax purposes of your home can only increase by 3% preventing a "double whammy" where the value of you home keeps going up AND the taxes keep going up. Also it must be a home with a homestead exemption (ie. FL resident primary home).
“Save Our Homes,” is a Constitutional Amendment that was approved by Florida voters in 1992. SOH limits, or caps the annual increase in assessed value of property that has a homestead exemption. The increase cannot exceed the lesser of 3% or the Consumer Price Index (CPI) for the previous year.