HOMESTEAD EXEMPTION – What is “Save Our Homes”?
“Save Our Homes” is an amendment to the Florida Constitution that the voters passed in 1992. A taxpayer AUTOMATICALLY receives the Save Our Homes protection starting the year after first obtaining a Homestead Exemption. This law limits the increase in assessed value for properties receiving the Homestead Exemption to no more than 3% or the increase in the Consumer Price Index (CPI), no matter how much larger the increase in just value would otherwise be. The limit does not cover new construction or construction that was not taxed before the “Save Our Homes” limit applied to a particular property. It also does not apply when a property sells — because the new owner starts the limitation all over again once he or she qualifies for Homestead Exemption. The Florida Department of Revenue (DOR) makes this statutory determination each January. Click here to view the DOR website page setting the annual SOH rates for each year since 1995. For 2009, the SOH increase will be only 0.1%.
“Save Our Homes” is an amendment to the Florida Constitution that the voters passed in 1992. A taxpayer AUTOMATICALLY receives the Save Our Homes protection starting the year after first obtaining a Homestead Exemption. This law limits the increase in assessed value for properties receiving the Homestead Exemption to no more than 3% or the increase in the Consumer Price Index (CPI), no matter how much larger the increase in just value would otherwise be. The limit does not cover new construction or construction that was not taxed before the “Save Our Homes” limit applied to a particular property. It also does not apply when a property sells — because the new owner starts the limitation all over again once he or she qualifies for Homestead Exemption. The Florida Department of Revenue (DOR) makes this statutory determination each January. Click here to view the DOR website page setting the annual SOH rates for each year since 1995. For 2010, the SOH increase will be 2.7%.
