Legal Question in Real Estate Law in Florida

Re: real estate taxes

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Not currently although it is currently being considered by the Florida legislature. When a home is first purchased, it is assessed at the fair market value without regard to the prior tax value of the property. Many homes have greatly reduced taxable values due to the Save Our Homes amendment that passed in 1992. The Save Our Homes (SOH) Amendment, was approved by Florida voters in 1992, effective January 1, 1995. SOH places a limitation of 3% on annual assessment increases on homestead exempt property. For all property first granted homestead exemption in the prior year, that year’s assessed value will be the base value for the implementation of "Save Our Homes". Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less. The property’s market value may differ from SOH assessed value. SOH assessed value will never be greater than market value. It may very likely be phased out or drastically changed as a result of the Florida Legislature special session which is taking place.

Scott R. Jay, Esq.

Re: real estate taxes

yes it is