Frequently Asked Questions (FAQs)
- What is ''Save Our Homes''?
- What is the Save our Homes cap?
- Can someone continue the Save Our Homes limit when inheriting a family-owned property?
- How is the annual Save Our Homes percentage rate calculated?
In 1992 Florida voters approved Constitutional Amendment 10, meant to shield homeowners from runaway increases in their property taxes as a result of the booming real estate prices. This is also known as Save Our Homes.
Save Our Homes limits annual increases in the assessed value of a home to 3% or the Consumer Price Index, whichever is lower. This limitation is known as the Save our Homes cap.
The Save Our Homes limitation can only be transferred to another owner in the following cases (Ref. 193.155F.S.):
- Transfer between husbands and wives (including dissolution of marriage)
- Transfer to legal or natural dependents of the previous exemptee
The Consumer Price Index or CPI limit is determined by the Florida Department of Revenue.