Pursuant to the 1992 "Save Our Homes" (SOH) Amendment to the Florida Constitution, the assessed value of your Homestead property can increase by no more than 3% above last year's assessed value (or the consumer price index, whichever is less). The Florida Department of Revenue certifies the annual percentage amount for each year.

To give you an example: if your Homestead property was assessed at $100,000 in last year, and its market value increased to $125,000 this year, your maximum assessment this year is $103,000. The 3% cap does not apply to the amount of taxes you pay, as the amount is based upon the millage (tax) rates set by your various taxing authorities including the School Board, County Commission, City Commission, hospital district, water management district, and other governmental entities. The Property Appraiser does not set any of your tax rates.

The only way your assessment can increase more than this is if there is a change in ownership, or you made physical improvements (build an addition, converted a garage into a new room, etc.) to your property that was not included in last year's assessment.

Important: Under Florida law, a homestead “recapture” provision may cause your taxable value to rise even if your market value dropped from last year. If you have homestead and your SOH value is less than the just (market) value, state law requires that your overall assessed value increase each year by the 3% annual cap level until it eventually reaches the same amount as the market value. Almost 400,000 Broward homeowners will experience the recapture effects of this law, even though their overall market values fell. Click here to view the applicable law. Talk to your State Senator and State Representative if you believe this recapture provision should be amended or repealed.

“My Neighbor And I Have Identical Homes, So Why Are My Taxes So Much Higher?”

“My neighbor and I own identical homes. Both were built in the same year and sit on identical sized lots. My neighbor bought her house six years ago and I just purchased my home last year. My estimated tax bill for this year is $10,530 -- but my neighbor’s bill is only $6,220. There must be a mistake!”

Unfortunately, we often hear concern. A provision in Florida’s Constitution -- the “Save Our Homes” Amendment -- causes this disparity and confusion. Overwhelmingly adopted by Florida voters, Save Our Homes was intended to prevent homeowners from being taxed out of their homes in the face of rapidly rising real estate values. The Save Our Homes cap limits increases in assessed value of homesteaded properties to no more than 3% per year -- regardless of how much more the properties increase in market value.

The longer you are homesteaded -- coupled with the more your property rises in market value from the original assessed value -- the more you save under the law. These savings continue if you move your Save Our Homes benefit to a new Florida property with the portability amendment, adopted by the voters in January 2008. If you had homestead on a Florida property in 2008 or later and now want to move your savings to a new homesteaded property for 2009 or 2010, please read below to learn more about portability.

Homestead Exemptions are NOT Transferable ... But You Can Move Your Savings with Portability AND a new Homestead Application

Homestead Exemption does not transfer from property to property. If you had this exemption last year on another property and moved, you must file a new application for your new residence. Notify the Property Appraiser to cancel the exemptions on your former home. Property purchased during last year may show qualified exemptions of the seller. The sellers' exemptions will not carry over to this year; you must apply for your own exemptions.

Florida voters overwhelmingly approved a new constitutional amendment in 2008 which granted added tax relief to property owners. The amendment gives homesteaded owners the "portability" right to move Save Our Homes benefits to a new homesteaded property. If you had homestead on one Florida property in 2008 (or later) and are now seeking to move your homestead to a new location for 2009 or 2010:

** Click here to download the portability application **

Please return the completed portability form to our office by mail (Property Appraiser's Office, 115 South Andrews Avenue, Room 111, Fort Lauderdale, Florida 33301); or (attach in PDF format); or by fax (954.357.8474). Important: You must also apply for a homestead exemption on your new property.