Quote:
Originally Posted by NoMo50
Not totally correct. The 3% cap you speak of comes courtesy of the Save Our Homes Act, also known as Portability. But...the SOH credit only applies to those eligible for the Homestead Exemption. And, the SOH credit does not kick in until the 2nd year of having the Homestead Exemption. The SOH credit does not cap taxes at a 3% increase each year; rather, it caps the annual increase in assessed valuation of the home at 3%, or the CPI, whichever is less.
Over 1/3 of your tax bill comes from the non ad valorem items, the majority of that being the Bond payment. The only way you will ever see a decrease in those line items would be to pay off the Bond, which may or may not be advisable, depending on your personal situation.
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Agree but was trying to point out that there are caps. Have lived in Florida entire life and have seen millage rate go down. Before this law, if my home went up 20% in value in one year county could raise my tax rates 20% even though their costs did not go up 20%