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NON-HOMESTEAD PROPERTY ASSESSMENT CAP
- Beginning January 1, 2009, an assessment cap similar to Save Our Homes is
proposed for non-homestead properties. The annual assessment cap on these types
of properties will be 10%.
To receive the assessment cap the owner of the property will be required to
file an annual application. This non-homestead property assessment cap applies
to owners of second homes, commercial properties and vacant parcels. It does not apply to school district levies,
and will expire in 2019 unless renewed by voters in the 2018 general election.
Example:
If your property is valued at $100,000 this year and
property values go up by 20% next year, the market value of your property will
be $120,000, but your taxable value will only be $110,000. Based on a tax rate of 17.5 mils you will
save $175 in next years taxes.
Example:
If your
property is valued at $100,000 this year and property values go up by 8% next
year, the market value of your property will be $108,000, and your taxable
value will be $108,000. Because the
increase in property value did not reach the 10% limit.
This
assessment limitation does not apply
to school tax levies.
The
assessment limitation will expire in 10 years.
At that time, voters will
decide
whether to reauthorize it.
Residential
properties of nine units or less will surrender
accumulated
protections at change
of ownership or control, as defined by general law.
Initial application required, you
must apply by March 1st.
This exemption does not
apply to Classified Use (Greenbelt/Ag)
Lands.
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