There is no limit on the increase of the market value of your home but increases in the assessed value (which are used in the County Tax calculation) are limited by Save Our Homes (min of CPI or 3%) if you are homesteaded. Tax increases are not limited because the millage rate can change. For example, the proposed increase in my Sumter County Tax is 28%. The vast majority of this is an increase in the County Tax millage rate. The increase in my assessed value was the CPI (1.9%).
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Originally Posted by EdFNJ
By the way, thanks to the Florida "save our home" amendment (Google it if you aren't familiar) law the value of your home can go up $100,000 but you tax rate is limited to a small percentage over what you paid for it. If your home assessment doubles in value your taxes won't. I THINK (don't know) that this only applies to full time residents? I know you must have a homestead exemption. Our appraised value went up like $30K but my tax increase on the trim notice is like $125 for the year which is like 8% of the OLD taxes with the new rates (which aren't official yet).
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