Non-Homestead Property 10% Annual Assessment Limitation
Understanding the ever changing tax code can be daunting. In years passed, property tax rates on non-homesteaded Miami real estate could fluctuate wildly. Today, non-homesteaded property assessments may increase no more than 10% of the “just value” of the property in the prior year. Beginning in 2009, owners of real estate subject to the limitation must apply with the county property appraiser no later than March 1 of each year. The owner’s failure to apply will result in the loss of the assessment limitation. This would be a very costly omission on the part of the property owners, and a care should be taken that this deadline is not missed.
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