Information about the Florida 3% property tax cap for homes with that have a homestead exemption.
HOW DO PROPERTY TAX CAPS WORK IN FLORIDA?
signing paperwork
The Save Our Homes property tax cap is an amendment to the Florida constitution that limits the annual increase in the tax assessment of homestead property to a maximum of 3% of the prior year’s assessment; and its purpose is to encourage the preservation of homestead property and to ensure that Floridians will not lose their homes on the tax block because of rising values of property in Florida. The Florida Constitution was amended effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption to three percent (3%) or the change in the Consumer Price Index, whichever is lower. A change in property ownership will effectively “reset” the Capped Value to full market value. It is important to know that property taxes will increase the next year as the assessed value must be adjusted to equal the current market value. The increase due to the removal of the Cap may double or even triple taxes, depending on how long the previous owner had homestead exemption.
Additional information about the property tax cap oat link below.
3% cap | Property Tax in Florida