Media Contact: Bill Ward, Tel. (813) 276-8910; Cell (813) 955-2526
TAMPA -- The 2019 limit for assessment value increases of Homestead property has been released by the Florida Department of Revenue (FDOR) and once again, there's good news for the state's homeowners.
This year, the maximum increase on the assessed value of a Homestead property in Florida has been capped at 1.9 percent. Assuming you have not added any new construction to your Homestead property, your assessed value cannot increase more than 1.9 percent in 2019. For most homeowners, this will likely result in a small increase in the assessed value of their home.
The current cap is down from the 2018 limit of 2.1 and represents third consecutive year with a nominal change in the Consumer Price Index (CPI). These limits were established in 1995 by Save Our Homes, an amendment to the Florida constitution. This amendment caps the annual increase on the assessed value of Homesteaded properties at 3 percent, or the change in the CPI, whichever is less.
In order to receive this benefit you must apply and qualify for a Homestead Exemption, or already have a property that is receiving Homestead Exemption. If you have not applied for Homestead Exemption and own a property in Hillsborough County that is your primary residence, you can submit a Homestead application online by visiting the HCPA at: https://homestead.hcpafl.org/ApplyOnline/WebForm1.aspx
For more information on the Save our Homes cap limits, please visit the FDOR web site at this address:
Click here to view the Property Owner Bill of Rights