Florida DOR caps assessed value of Homestead properties at 0.7 percent

Media Contact: Bill Ward, Tel. (813) 276-8910; Cell (813) 297-2142

TAMPA -- The 2016 limit for assessment value increases of Homestead property has been released by the Florida Department of Revenue (FDOR) and once again, there's good news for the state's homeowners.

This year, the maximum increase on the assessed value of a Homestead property in Florida has been capped at 0.7 percent. Assuming you have not added any new construction to your Homestead property, your assessed value cannot increase more than 0.7 percent in 2016. For most homeowners, this will likely result in a very small increase in the assessed value of their home.

The current cap is down from the 2015 limit of 0.8 and represents the fourth consecutive year of a drop in the Consumer Price Index (CPI). These limits were established in 1995 by Save Our Homes, an amendment to the Florida constitution. This amendment caps the annual increase on the assessed value of Homesteaded properties at 3 percent, or the change in the CPI, whichever is less.

"As the real estate market in our area continues a steady climb in values, it's comforting to know homeowners are protected from any significant increase in their property taxes by the Save our Homes amendment," said Hillsborough County Property Appraiser Bob Henriquez. "This small increase in cap is very good news." In order to receive this benefit you must apply and qualify for a Homestead Exemption, or already have a property that is receiving Homestead Exemption. If you have not applied for Homestead Exemption and own a property in Hillsborough County that is your primary residence, you can submit a Homestead application online by visiting the HCPA at:
https://homestead.hcpafl.org/ApplyOnline/WebForm1.aspx

For more information on the Save our Homes cap limits, please visit the FDOR web site at this address:
http://dor.myflorida.com/dor/property/resources/limitations.html

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The Hillsborough County Property Appraiser is an elected official charged with the duty and responsibility to appraise all of the property in the County. This includes real estate and tangible personal property (the equipment, machinery and fixtures) of businesses. 

 

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