Quote:
Originally Posted by rustyp
Please reference where this came from.
If true one should buy a bigger house and keep their homestead benefit by applying it to the new house - called homestead portability.
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Looking at Sumter County Property Appraiser Site see reference for improvements below.
Contact your Appraisal Authority directly
My interpretation is that the improvement appraisal is added at 100% to the previous property assessment with the limit of SOH say 3%. After the first year the improvement appraisal is limited by the SOH rules. It does not state that you lose your previous SOH benefit.
"Amendment 10 – Save our Homes
Please contact our office if you have any questions regarding Amendment 10 – Save Our Homes
What is the Save Our Homes amendment?
Section 193.155(1) of the Florida Statutes was enacted to implement an amendment to the state constitution to limit annual increases in property value assessments on real property qualifying for and receiving homestead exemption.
How does the amendment limitation apply?
Real property shall be assessed at full market value (just value) as of January 1 of the year in which the property first receives the homestead exemption. The following year the property is reassessed and any changes from the prior year’s assessed value is not to exceed the lesser of 3% of that prior year assessed value or the Consumer Price Index percentage change, (except capital improvements, additions or improvements)
How is my property affected?
The year following the granting of homestead exemption, the property is subject to the limitation.
What about any changes, additions or improvements to the homestead property?
New construction or additions shall be assessed at full market value as of the first January 1 after the changes are substantially completed. In these circumstances, it is possible that the assessed value may exceed the amendment limitations. However, after the first year that the changes are assessed at full market value, they are also subject to the amendment limitations."