The 3% Save Our Homes Cap (SOH) cap limits any increase to the assessed value of a homestead-exempt property for tax purposes to a maximum of 3% each year or the amount of the change in the Consumer Price Index, whichever is lower.

Properties are assessed at market value in the first year they receive the homestead exemption. Once the exemption is applied for, the cap or base year is established. Each year thereafter, the SOH cap applies. The 3% cap remains in effect as long as the property is homestead exempt or until the property is sold.

When the market value of a property subject to the 3% SOH cap drops below the 3% value, the property is assessed at the lower of the two.

The taxable value for a homestead-exempt property is the assessed value minus the amount of the exemption or exemptions granted to the property owner.

For more information, please call Exemption Services at 561.355.2866.

The 10% cap is only for “non-homestead” properties, that is all properties that do not have a homestead exemption. This could include second homes, rental properties, vacation homes, vacant land or commercial property.

The 10% cap applies to all taxing authority millage rates except the school board millage.

The cap ensures that your assessed value will not increase more than 10% from the previous year’s assessed value. Depending on market factors, your assessed value could increase less than 10% or could decrease.

The cap will remain year over year, providing ownership does not change, homestead exemption is not applied for, there was no split or combination of the property during the previous year, and no new construction has occurred.

There’s no need to apply to receive this cap, as it will automatically be applied to your property.

This does not mean that your taxes may never increase more than 10%. Many other factors affect an individual tax bill, including tax rates or millages, and non-ad valorem assessments, neither of which is determined by the Property Appraiser’s Office.

If you purchase a non-homesteaded property, any 10% assessment cap remains for the balance of the tax year in which the property was purchased. But, Florida law provides that the property must be reassessed at full market value in the year following the sale.

If there is a change of ownership or control not recorded on a deed, it will trigger a reassessment. Per Florida Statute 193.1556, any person or entity owning property under the 10% cap provision must notify the property appraiser promptly of any change of ownership or control. Failure to do so may subject the property owner to a lien of back taxes plus interest of 15% per annum and a penalty of 50% of the taxes avoided.

For more information, please call Data Management at 561.355.2890.