Rosen Tax Appeal Blog

For those US Taxpayers that own homes with assessments capped under the "save our homes" act (Amendment 10), the assessment is typically much lower than the market value if the home was purchased many years ago. 

However, the assessment of a homestead property under "save our homes" increases by 3% or the Consumer Price Index as published by the Bureau of Labor Statistics, whichever is less.  As values increased in South Florida, this provided a substantial savings for property owners.  In a declining market, the property appraiser's office will continue to apply the 3% or CPI formula for assessed values.

For a homestead property with a "market value" higher than the "assessed value", the assessed value will still increase 3% although the market value has decreased.  This is the "recapture rule."

If you need a tax expert, contact Britt J. Rosen, CCIM, for advice at (305) 663-7334 x 107.