Media Contact: Nereia Cormier Wilson, HCPA Director of Communications. Tel. (813) 276-8930; Mobile (813) 678-6016

TAMPA -- The 2024 limit for assessment value increases of Homestead property has been released by the Florida Department of Revenue (FDOR).

As was the case in 2023, the maximum increase on the assessed value of a Homestead property in Florida in 2024 has been capped at 3 percent. Assuming you have not added any new construction to your Homestead property, your assessed value cannot increase more than 3 percent in 2024.

According to the FDOR, the Consumer Price Index (CPI) change for 2024 is 3.5 percent, down from 6.5 percent in 2023 and 7 percent in 2022. However, thanks to the limits established in 1995 by the Save Our Homes amendment to the Florida constitution, the annual increase on the assessed value of Homesteaded properties cannot exceed 3 percent, or the change in the CPI, whichever is less.

A provision of the Save Our Homes Amendment also allows Homestead property owners to port, or transfer, the accumulated difference between assessed value and the just/market value. The process of moving this differential from one property to another is known as "Portability." This benefit must be applied for, and applications must be submitted by March 1st of the year being applied for. In 2020, Florida voters approved a measure that expanded the portability window to three tax years.

In order to receive these benefits, 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 this HCPA web page: https://hcpafl.org/E-Filing/Homestead-E-File

Important Reminder: The Save Our Homes cap begins the year after you receive Homestead Exemption. This cap does not cover new construction or construction that was not taxed before the “Save Our Homes” limit applied to a particular property. When buying/acquiring real estate, do not assume your property taxes will remain the same as the current owner’s taxes. Under Florida law, a change in ownership will reset the assessed value of the property to full market value, which could result in higher property taxes. To help property owners better prepare, our office offers a Tax Estimator on our website.

Provided there is no change in the ownership or use of the property, your Homestead Exemption automatically renews each year. If you are already receiving Homestead Exemption on your current home, you do not need to reapply.  If you have not yet applied for your 2024 Homestead Exemption, Low-Income Senior Exemption, or any other exemption, late-filed applications are still being considered. To apply for any of these exemptions, please visit our Homestead Exemption application page.

For more information on the Save our Homes cap limits, as well as Portability, please call the HCPA at (813) 272-6100. You can also learn more by visiting the FDOR web site at this address: https://floridarevenue.com/property/Documents/pt112.pdf