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News & Notes

The Non-Homestead 10% Assessment Cap

Effective for 2009 Tax Year - How it Affects Your Appeal

The non-homestead cap is similar to the Save Our Homes (SOH) limitation except that for non-homestead properties the cap is established at 10% rather than the 3% for homestead properties. The 10% assessment cap for non-homestead properties does not apply to school levies.
 
For properties benefiting from a capped assessment, it is important to understand that there are two levels of taxes levied on the ad-valorem portion of the tax bill:

1. The capped assessed value is the maximum value the assessment may be increased in one tax year and is taxed at the full millage rate.
   
   
2. Portion Exceeding the Cap is the difference between the market value and the capped assessed value and is taxed at the school district rate only.

If a non-homestead cap applies to your assessment, you are already receiving a tax savings benefit and further reductions may be marginal. In these cases, FPTS will continue its efforts to further your tax savings by attempting to reduce the market value.

Note: Non-homestead residential property is defined as residential property containing nine or fewer units (i.e., no large apartment buildings with greater than nine units). In general, residential property will be reassessed when the property is sold. Residential property with 10 or more units and commercial property will be reassessed after a sale, deed change, or significant improvements are made (just value increase of 25 percent or greater). Otherwise, assessed value cannot increase more than 10 percent from year to year.

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