Save Our Homes - Assessment Cap on Homesteaded Property
'Save our Homes' is an amendment to the Florida constitution that took effect in 1995. It limits the annual increase in the assessed value of homesteaded properties to 3% or the change in the National Consumer Price Index (CPI), whichever is less. However, to receive this benefit – you MUST apply and qualify for a Homestead Exemption. **Be aware that if you buy a home from someone who currently has a 'Save Our Homes' cap in place: That cap will be removed and the assessed value will go to market value. You must apply for a Homestead Exemption, and once approved, the cap will be applied automatically.
If your old home was homesteaded in the State of Florida, you may be eligible for Portability - the transfer of all or some of the 'Save Our Homes' benefit on your old home to the new home. (The 'Save Our Homes' benefit is the difference between the market and assessed values.) You must apply for Portability with the Property Appraiser's Office. See the Portability page for more information.
Below are Frequently Asked Questions relating to "Save Our Homes" (Florida State Statute 193.155)
- What is the 'Save our Homes' law?
- Is the 'Save our Homes' law a tax cap?
- What properties are affected?
- Does a house with partial homestead qualify?
- Does 'Save our Homes' apply to homestead parcels with agricultural classification?
- What happens when I buy homesteaded property?
- What happens when I sell my property?
- Do I automatically get the cap when I buy a home?
- What happens to the value of my homesteaded property when I make additions or improvements to the parcel?
- 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 'Save Our Homes' benefit?
- When filing a petition to the Value Adjustment Board which value is challenged? Assessed Value or Market Value?
What is the 'Save Our Homes' law?
'Save our Homes' is an amendment to the Florida constitution that took effect in 1995. It limits the annual increase in the assessed value of homesteaded properties to 3% or the change in the National Consumer Price Index (CPI), whichever is less.
See annual CPI listing at bottom of page.
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Is the 'Save our Homes' law a tax cap?
No. It is a limit on the annual increase of 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.
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What properties are affected?
Only residential properties, which have a homestead exemption, qualify.
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Does a house with partial homestead qualify?
Yes, but only the portion applicable under the homestead guidelines.
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Does 'Save our Homes' 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.
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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. The assessed value may be lowered only if the new owner has portability (is transferring 'Save our Homes' savings from a previous homestead.) If a new homestead exemption is filed on that property, the 'Save our Homes' cap will be applied to the assessed value in future years.
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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. The assessed value may be lowered only if the new owner has portability (is transferring 'Save our Homes' savings from a previous homestead.)
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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 the assessed value will go to market value, unless you have portability. After the new assessed value is in place, and your homestead application is approved, the cap will be applied automatically.
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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.
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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 'Save our Homes' benefit?
No. However, a new homestead application may be required to determine the eligibility of the related party to continue to receive the exemption.
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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.
Consumer Price Index (CPI) – Due to the 'Save our Homes' law, homesteaded property may only increase by the CPI change or 3%, whichever is less. Below are the annual percentages for calculating the increase in assessed values of homesteaded properties:
2024 - 3.0 %
2023 - 3.0 %
2022 - 3.0 %
2021 - 1.4 %
2020 - 2.3 %
2019 - 1.9 %
2018 - 2.1 %
2017 - 2.1 %
2016 - 0.7 %
2015 - 0.8 %
2014 - 1.5 %
2013 - 1.7 %
2012 - 3.0 %
2011 - 1.5 %
2010 - 2.7 %
2009 - 0.1 %
2008 - 3.0 %
2007 - 2.5 %
2006 - 3.0 %
2005 - 3.0 %
2004 - 1.9 %
2003 - 2.4 %
2002 - 1.6 %
2001 - 3.0 %
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