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Save Our Homes / Amendment 10
The Save Our Homes Amendment of the State's Constitution was
approved by Florida voters in 1992 and put into effect in 1995.
This amendment places a limitation of 3% on any annual
assessment increases on Homestead Properties in Florida.
Property granted Homestead shall be assessed at full market
value (just value) as of January 1 of the year in which the
property receives the exemption. In subsequent years, the
assessed value of homestead exempt property will not increase
more than 3% or the percentage change in the Consumer Price
Index, whichever is less. There are exceptions to that
limitation, including new construction or additions which are
found to have escaped taxation in the past. Also, the limitation
does not apply the year following a change of ownership.
FREQUENTLY ASKED QUESTIONS
- 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 value is not to exceed the
lesser of 3% of that prior year assessed value or the
Consumer Price Index (CPI) change, with the exception of
changes, 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 also are subject to
the amendment limitations.
- What properties are not subject
to the limitation?
- Residences without homestead, non-residential property,
vacant land, tangible personal property, commercial
property, and agricultural property, are not eligible for
the amendment limitation.
- Why would my assessment
increase when my market value stayed the same?
- This is probably due to the "recapture" rule. In 1995,
the Department of Revenue adopted a rule approved by the
Governor and Cabinet directing property appraisers to raise
the assessed value of a qualifying homestead property by the
maximum of 3% or the Consumer Price Index, whichever is
less, on all properties assessed at less than full market
value.
- What happens if a property is sold
or conveyed to a new owner?
- Once the property has been conveyed to the new owner, it
is raised to full market value January 1 of the following
year. The new owner must apply for and receive homestead
exemption.
Even if the property received a homestead exemption under
the previous owner, the limitation, just like the exemption,
expires January 1 of the year following a change of
ownership.
Source: Hillsborough County Property Appraiser
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