Quote:
Originally Posted by charlie1
You are right, the millage rate is not capped but the assess value of property for Florida residents with homestead exemption is capped at, I believe, 3% per year. The assess value is used to calculate your property taxes. This last year, my market value went up almost $150,000 thousand but my assessment only raise by 3%. Had this cap not been in place, My taxes would have gone up substantially this year but, instead, the total amount due went down!.
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Thanks for the information, I knew the homestead exemption helped by exempting up to $50K of property value from taxes, but I was unaware it also significantly capped increases in accessed values. Perhaps it should be renamed the “Screw Part Time Residents” exemption.