Amendment 10 "Save Our Homes" Value Cap
The Save our Homes amendment (Amendment 10), 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.
The Property Appraiser's staff continually
monitors new construction, monitors sales and physically reviews the property periodically
as described by Florida Statutes.
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.
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