Most people have forgotten about this but for all you snow birds looking to buy a place in Florida there is a 10% cap on non homestead property assessed values. I found the information below on the property appraisers web site….
10% ASSESSMENT LIMITATION FOR NON?HOMESTEAD PROPERTY
Q: When did the 10% cap go into effect?
A: It became effective beginning with the 2009 tax roll. The 10% cap will only
ensure your assessed value does not increase more than 10% from the previous
year assessed value. The cap will remain, providing ownership does not change,
there was no split or combination of the property during the previous year, and
no new construction has occurred.
Q: Do I have to apply to receive this cap?
A: No, the cap will automatically be applied to your property.
Q: Can I get the 10% cap on my homestead property?
A: No, this assessment cap is only for all “non-homestead” properties. Homesteads
already benefit from the maximum 3% Save Our Homes assessment cap.
Q: What is “non-homestead property”?
A: All properties that DO NOT have a homestead exemption, such as 2nd homes,
rental properties, vacation homes, vacant land or commercial property.
Q: Will the 10% cap reduce my taxes?
A: There is no guarantee your taxes will reduce due to the 10% assessment cap, as
many other factors are involved such as tax rates and non-ad valorem
assessments, neither of which are determined by the Property Appraiser.
Q: Will my assessment increase 10% each year?
A: Not necessarily. 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.
Q: Does the 10% cap apply to millage rates of ALL taxing authorities?
A: The 10% cap applies to all taxing authority millage rates EXCEPT the School
Board millage.
Q: If I purchase a property that has received benefit from the 10% cap,
will my assessment change from the prior owner’s assessment?
A: The 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.
Q: If there is a change of ownership or control not recorded on a deed,
does it trigger a reassessment?
A: Yes. And 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.
