The 10% cap became effective beginning with the 2009 tax roll. This assessment cap is only for “non-homestead” properties, that is all properties that DO NOT have a homestead exemption, such as 2nd 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. 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, it will automatically be applied to your property.
There is no guarantee that your taxes will be reduced due to the 10% assessment cap, as many other factors are involved such as tax rates and non-ad valorem assessments, neither of which is determined by the Property Appraiser.
The maximum amount your assessment can increase from one year to the next is 10%. Depending on market factors, your assessed value could increase less than 10% or could decrease.
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.