Media Contact: Bill Ward, Tel. (813) 276-8910; Cell (813) 955-2526
TAMPA -- The 2022 limit for assessment value increases of Homestead property has been released by the Florida Department of Revenue (FDOR).
This year, the maximum increase on the assessed value of a Homestead property in Florida has been capped at 3 percent. Assuming you have not added any new construction to your Homestead property, your assessed value cannot increase more than 3 percent in 2022.
The current Consumer Price Index (CPI) change is 7 percent. However, thanks to the limits established in 1995 by the Save Our Homes amendment to the Florida constitution, the annual increase on the assessed value of Homesteaded properties cannot exceed 3 percent, or the change in the CPI, whichever is less.
A provision of the Save Our Homes Amendment allows Homestead property owners to port, or transfer, the accumulated difference between assessed value and the just/market value. The process of moving this differential from one property to another is known as "Portability." This benefit must be applied for, and applications must be submitted by March 1st of the year being applied for. In 2020, Florida voters approved a measure that expanded the portability window to three tax years.
In order to receive these benefits, 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 this HCPA web page: https://homestead.hcpafl.org/ApplyOnline/WebForm1.aspx
For more information on the Save our Homes cap limits, as well as Portability, please call the HCPA at (813) 272-6100. You can also learn more by visiting the FDOR web site at this address:
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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