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NON-HOMESTEAD PROPERTY ASSESSMENT CAP
- Beginning January 1, 2009, an assessment cap similar to Save Our Homes is
proposed for non-homestead properties. The annual assessment cap on these types
of properties will be 10%.
This non-homestead property assessment cap applies
to owners of second homes, commercial properties and vacant parcels. It does not apply to school district levies,
and will expire in 2019 unless renewed by voters in the 2018 general election.
If your property is valued at $100,000 this year and
property values go up by 20% next year, the market value of your property will
be $120,000, but your taxable value will only be $110,000. Based on a tax rate of 17.5 mils you will
save $175 in next years taxes.
property is valued at $100,000 this year and property values go up by 8% next
year, the market value of your property will be $108,000, and your taxable
value will be $108,000. Because the
increase in property value did not reach the 10% limit.
assessment limitation does not apply
to school tax levies.
assessment limitation will expire in 10 years.
At that time, voters will
whether to reauthorize it.
properties of nine units or less will surrender
protections at change
of ownership or control, as defined by general law.
This exemption does not
apply to Classified Use (Greenbelt/Ag)