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Property Value - Ten Percent Assessment Cap

One of the features of Constitutional Amendment 1, which voters approved January 29, 2008, was a provision to limit increases in the annual assessment of Non-Homesteaded properties to ten percent. The base-year for implementing this change was 2008 and so the impact on assessments, if any, will be reflected in 2009.

The ten per cent cap on assessments of non-homesteaded properties is the last of the four Amendment 1 provisions to be implemented.

• This will be effective for the 2009 Tax Roll and will automatically apply to Non-homesteaded properties. 
• The 10% cap on non-homesteaded properties is automatic. No application required. (Ref. Senate Bill 1588)
• This exemption is for all "Non-homesteaded" properties. The exemption is not available for homesteaded property.

We are waiting for a final definition from the Florida Department of Revenue on the legal meaning of "Non-homesteaded property".  However, it is our current understanding that the cap will apply to all properties that are not receiving a homestead exemption, such as vacant land, commercial properties and rental properties.

The 10% cap will limit increases in the assessed value of non-homesteaded properties to 10%, excluding School Board taxes. While this cap may not reduce taxes, it has the potential to limit tax increases in escalating markets. 

The cap applies to the entire property.  However, it excludes taxes collected by the School Board.