The Florida Department of Revenue has set the 2022 Save Our Homes cap at 3%. This Save Our Homes assessment cap limits increases to the Assessed/Save Our Homes Value for properties receiving Homestead Exemption to no more than 3% per year or the increase in the Consumer Price Index (CPI) regardless of increases to the just value of the property. This cap results in considerable savings over time for properties with Homestead Exemption. It is important to remember this is not a cap on the actual taxes, but rather a cap on the assessed value of the property.
Important: The Save Our Homes cap begins the year after you receive Homestead Exemption and automatically renews each year. This cap does not cover new construction or construction that was not taxed before the “Save Our Homes” limit applied to a particular property. Many owners will face a significant increase in property taxes when they purchase a property as the previous owners’ exemptions will be removed and the Save Our Homes (SOH) value reset. Florida law requires the SOH value be brought up to the just value of the property when Homestead Exemption is added or removed from the property. For this reason, our office offers a New Homebuyer’s Tax Estimator on our website at https://web.bcpa.net/bcpaclient/#/Tax-Estimator. This estimator allows prospective buyers the ability to plan ahead when purchasing a new home.
If my office can ever be of assistance to you, please do not hesitate to contact me directly at 954.357.6904 or by email at martykiar@bcpa.net.
Take care, Marty Kiar
