Florida’s Save Our Homes Act is an amendment that was added to this state’s constitution 13 years ago. In short, the Save Our Homes amendment holds firm (within 3%) a property owners’ taxes year-to-year, regardless of property appreciation.
The Save Our Homes Act says the assessed taxable value of a home will not increase more then 3% of the percentage change in the consumer price index, per year. When you sell your property, the home’s assessed value returns to market value in the following year. This new market assessed value then becomes the base value for taxation.
I’ve never lived in Florida and am not an expert in real estate legalities from state to state. Florida residents looking for expert advice on how the Save Our Homes Act should consult a real estate agent or professional legal counsel.
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