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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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This information was derived from data which was compiled by the Union County Property Appraiser's Office solely for the governmental purpose of property assessment. This information should not be relied upon by anyone as a determination of the ownership of property or market value. No warranties, expressed or implied, are provided for the accuracy of the data herein, it's use, or it's interpretation. Although it is periodically updated, this information may not reflect the data currently on file in the Property Appraiser's office. The assessed values are NOT certified values and therefore are subject to change before being finalized for ad valorem assessment purposes.