Quote:
Originally Posted by RiderOnTheStorm
Help!!!
My wife and I recently bought into TV in late-2021 and are in the process of becoming Florida citizens. However, because we did not have time to apply for Homestead protection late last year, the assessed valuation of our home was increased by 34%, rather than the 3% cap provided by Homestead protection. The Tax Assessor seemed to take advantage of this brief lack of coverage in late-2021 to sock it to us.
Is anyone aware of any options we might have to contest this huge increase?
Thanks in advance for your thoughts.
|
The 3% cap on increased assessment valuation comes from the Save Our Homes (SOH) act. In order for the SOH to apply, the homeowner must have the Homestead provision in place. The SOH does not kick in until the 2nd year of having the Homestead protection.
In your case, you were not taken advantage of. The Assessor is merely following the law (which they do not write). It is ALWAYS better to apply for the Homestead exemption earlier, rather than later...if you qualify. That way, you at least get the clock ticking in your favor.