Florida’s Assessment Cap Set for 2014

If Nassau County's market value increases, homeowners will be protected by the Florida Constitution's assessment limitation.

Florida's Assessment Cap is Set for 2014Nassau County, FL – According to Nassau County Property Appraiser Mike Hickox, if the county’s market value increases this year, homeowners will be protected by the Florida Constitution’s assessment limitation.

Save Our Homes, which took effect in 1994, states the assessed value on a homestead property could increase no more than 3% per year, or the percentage of change in the Consumer Price Index, whichever is lower. In a memo released by the Department of Revenue last week, the 2014 cap rate will be 1.5%, down slightly from last year.

The 2013 just value increased by more than 7% from 2012. “The market is still improving”, said Hickox. “No matter how much the just value increases, property owners are still protected by the cap.”

The assessment limitation applies to all homestead properties with the cap being applied for the first time during the second year of receiving the exemption. Non-homestead properties are protected by a 10% assessment cap.

Homesteaded properties can lose the Save Our Homes cap following a change in ownership. This includes any sale, foreclosure, or transfer of legal title.

For more information regarding the 2014 assessment limitation, contact the Property Appraiser’s Office at 491-7300.

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