In 1994, the Florida voters approved Constitutional Amendment 10, which included
Save Our Homes for Homestead property owners. It automatically places a
limitation on the annual assessment increases to 3% or the Consumer Price Index
(CPI), whichever is less, as long as the property maintains a current and valid
Homestead exemption. The annual assessment will increase every year until the
Assessed Value reaches the current fair Market Value.
It is very
important for you to know....
If the
owner of record was entitled to a Homestead Exemption on January 1st
and the property sells during that same tax year, the Homestead Exemption and
the โSave Our Homesโ Assessment Limitation will be removed on January 1st
of the following year and the property returns
to the Market Value. The Market Value
becomes the Base Value for โSave Our Homesโ purposes for the new owner who must
apply for
Homestead Exemption to be eligible for
the limitation in future years.
