Quote:
Originally Posted by RPDaly
Your home's assessed value not the taxes levied on it can only increase by 3% per year (or the CPI , whichever is lower) per this law. Many people think it's the dollar amount that is capped. There was some legislative action to get it lowered to 2% earlier in the year but not sure where that is now.
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What you are referring to is the Save Our Homes Act, which caps the annual increase in home assessed valuation at a max of 3%. But...in order for the SOHA to apply, the homeowner must have the Homestead Exemption in place. Further, the SOHA doesn't kick in until the second year following application of the Homestead Exemption. These taxing strategies are intended to help
Florida residents. To get the benefit of the SOHA assessment cap, you must first have the Homestead Exemption. To get the Homestead, you must prove that you are a Florida resident.
While there were some minor changes in the millage rates in the ad valorem section of your Sumter County tax bill, the main culprit in any increase on your tax bill directly relates to increases in assessed valuation. For 2023, the amount of non-ad valorem items (bond, maintenance, fire assessment), remained fairly level.
The bottom line is: If you want to avoid year-to-year sticker shock at tax time, become a Florida resident. Apply for the Homestead Exemption, and the the SOHA will automatically kick in the second year. Oh...and then there is Portability, but that is a topic for another discussion.