Save Our Homes - Amendment 10 - Homestead Cap
Florida State Statute 193.155 Homestead Assessments
1. What is Amendment 10 and what does it mean to me as a taxpayer?
2. Is Amendment 10 a tax cap?
3. What properties are affected?
4. Does a house with partial homestead qualify?
5. Does Amendment 10 apply to homestead parcels with agricultural
classification?
6. What happens when I buy homesteaded property?
7. What happens when I sell my property?
8. Do I automatically get the cap when I buy a home?
9. What happens to the value of my homesteaded property when I
make additions or improvements to the parcel?
10. When certain changes in ownership between husband and wife,
legal and equitable title, owner and natural dependent, and
correction of errors occur; will I lose the benefits of Amendment 10?
11. When filing a petition to the Value Adjustment Board which value is
challenged? Assessed Value or Market Value?
What is Amendment 10 and what does it mean to me as a taxpayer?
Amendment 10 is a constitutional revision, which limits the rate of annual increase in the value of homesteaded properties to 3% or the National Consumer Price Index (CPI), whichever is less.
Is Amendment 10 a tax cap?
No. It is a limit on the assessed value of a parcel, not the amount of taxes paid. The millage, determined by the various taxing authorities, may increase or decrease as those taxing authorities determine their budgets.
What properties are affected?
Only residential properties, which have a homestead exemption, qualify.
Does a house with partial homestead qualify?
Yes, but only the portion applicable under the homestead guidelines.
Does Amendment 10 apply to homestead parcels with agricultural classification?
Yes. The homestead portion qualifies. That is the residence and curtilage applicable to the homestead. Curtilage is the land and structures on agricultural classified property which immediately surround the homesteaded residence.
What happens when I buy homesteaded property?
At the end of the sale year all of the seller's exemptions and cap are removed and a new market and assessed value, based on market sales, is established for the next year. If a new homestead exemption is filed on that property, the newly established market value will become subject to the limitations of the Amendment 10.
What happens when I sell my property?
If the property was homesteaded, then at the end of the sale year all of the seller's exemptions and cap are removed and a new market and assessed value, based on market sales, is established for the next year.
Do I automatically get the cap when I buy a home?
No. You will need to apply for homestead exemption on your new home in order to qualify for the cap. **Be aware that if you buy from someone who currently has a cap in place: That cap will be removed and a new market value, based on market sales, will be established. After the new value is in place, and your homestead application is approved, the cap will be applied automatically.
What happens to the value of my homesteaded property when I make additions or improvements to the parcel?
The additions or improvements are assessed at market value in the year of construction and the value is added to your capped assessment. The additional value will be capped the following tax year.
When certain changes in ownership between husband and wife, legal and equitable title, owner and natural dependent, and correction of errors occur; will I lose the benefits of Amendment 10?
No. However, a new homestead application may be required to determine the eligibility of the related party to continue to receive the exemption.
When filing a petition to the Value Adjustment Board which value is challenged? Assessed Value or Market Value?
Market Value. This is the uncapped market value without any exemptions, etc.
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