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 “Save Our Homes” 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 “Save Our Homes” purposes for the new owner who must apply for Homestead Exemption to be eligible for the limitation in future years.