What is “Save Our Homes (SOH)” in Lee County?
Save Our Homes is a constitutional benefit approved by Florida voters in 1992 which places a limitation of 3% on annual assessment increases on Homestead properties. For all property granted Homestead Exemption in the prior year, that assessed value will be the base value for the implementation of “Save Our Homes”. Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less. Exceptions to that limitation include new additions or construction which escaped taxation in the past. Another exception would occur when a homestead property sells: the assessed value returns to the fair market value in the year following the sale. That fair market value assessment then becomes the base value for “Save Our Homes” purposes for the new owner/homestead applicant. See http://www.leepa.org/amendment_10.htm for more information.
