Frequently Asked Questions




SAVE OUR HOMES

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1. What is "Save Our Homes"?

In 1992, the voters of Florida approved Constitutional Amendment 10 which limits the increase in Assessed Value of a home which has been homesteaded. This is known as Save Our Homes (SOH)". This first year the Save Our Homes limitation was applied occurred in 1995.

2. What is the Save Our Homes Cap?

After the first year a home receives a homestead exemption and the property appraiser assesses it at just (market) value, the assessment for each of the following years cannot increase more than three (3) percent or the percent change in the Consumer Price Index (CPI), whichever is less. This is called the "Save our Homes" (SOH) assessment limitation. The accumulated difference between the assessed value and the just (market) value is the SOH benefit or cap. (See section 193.155, Florida Statutes.)

3. How is the annual save our homes percentage rate calculated?

The Consumer Price Index or the CPI limit is determined by the Bureau of Labor Statistics of the U.S. Department of Labor each year. Click here for current Save Our Homes Increase. (Link to the chart below.)

Save Our Homes Annual Increase

Year

CPI Change

Cap

2015

0.80%

0.80%

2014

1.50%

1.50%

2013

1.70%

1.70%

2012

3.00%

3.00%

2011

1.50%

1.50%

2010

2.70%

2.70%

2009

0.10%

0.10%

2008

4.10%

3.00%

2007

2.50%

2.50%

2006

3.40%

3.00%

2005

3.30%

3.00%

2004

1.90%

1.90%

2003

2.40%

2.40%

2002

1.60%

1.60%

2001

3.40%

3.00%

2000

2.70%

2.70%

1999

1.60%

1.60%

1998

1.70%

1.70%

1997

3.30%

3.00%

1996

2.50%

2.50%

1995

2.70%

2.70%

4. What happens to my Save Our Homes cap if there is a change or transfer of ownership?

If a change in ownership occurs for a homestead property protected by the SOH cap, the property will lose the SOH benefit and will be subject to assessment at just value on the following January 1. Florida law defines a change of ownership as any sale, foreclosure, or transfer of legal title or beneficial title in equity to any person. (Section 193.155(3), F.S.)

Also, a loss or removal of homestead will trigger a reassessment and removal of the SOH benefit. To avoid any penalties, please notify your county property appraiser if your homestead status has changed. Click here for county property appraiser contact. (Link to the e-mail for questions)
Some changes that will not trigger a reassessment are:

  • a change or transfer between spouses.
  • certain transfers upon death.
  • certain transfers when the same persons are entitled to the homestead exemption both before and after the transfer.
For all exceptions, see section 193.155, Florida Statutes.

5. When inheriting a family-owned property, can someone continue the Save Our Homes (SOH) limit?

The Save Our Homes limitation can only be transferred to another owner in the following instances (F.S. 193.155)
  • Transfer between husbands and wives (including dissolution of marriage)
  • Transfer to legal or natural dependents of the previous owner who held the exemption

6. Why did my taxes go up even though my Just (Market) Value went down?

This is likely due to the Recapture Rule. The "recapture rule," as prescribed by Florida Law, may cause some taxable values to rise even when the overall market value went down from the previous year. Even if the value of your homes decreases, your Assessed Value may increase, but only by the SOH amount. As long as the yearly increase in your Assessed Value does not surpass the Just (Market) Value, your taxes may go up. Your Assessed Value will never be more than the just value of your home.

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