Florida DOR caps assessed value of Homestead properties at 1.4 percent

Media Contact: Bill Ward, Tel. (813) 276-8910; Cell (813) 955-2526

TAMPA -- The 2021 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 1.4 percent. Assuming you have not added any new construction to your Homestead property, your assessed value cannot increase more than 1.4 percent in 2021. 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 2020 limit of 2.3 and is equal to the current 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.

A provision of the Save Our Homes Amendment 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 expands 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://homestead.hcpafl.org/ApplyOnline/WebForm1.aspx

For more information on the Save our Homes cap limits, as well as Portability, please visit the FDOR web site at this address:
https://floridarevenue.com/property/Documents/pt112.pdf

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