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Save Our Homes Kicks in Again as Home Values Rise
on Tuesday, August 25th, 2015 at 4:52pm
With home prices on the rise again, so is the value of the Save Our Homes break. The 20-year-old tax policy, voted into Florida's constitution, says a homesteaded property's taxable value can't rise by more than 3 percent a year.
The break will shield $23.5 billion from property taxes, up from $16.5 billion last year, it is estimated.
Florida voters in 2008 approved "portability," which lets homesteaded owners take $500,000 of their Save Our Homes break to a new homestead, thereby reducing taxable amounts at the new residence as well.
Save Our Homes benefits longtime property owners with homestead exemptions. But the cost is shifted to recent buyers of homes, apartment tenants, snowbirds, owners of malls and office buildings, and even longtime residents looking to upgrade or downsize, as the assessed value is recalculated with the new purchase.