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Real Estate Agent

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.

Comments (1)

Bill and Bryan Sereny
Miami Beach, FL
Ultra Luxury Real Estate

Its quite simple actually. Only a few years ago there was no cap on the amount taxes could go up on non-homesteaded property. Today as an owner of a non-homesteaded property you can limit the tax assessment increase to 10% per year. For example, if the just value of your home jumps from $750,000 to $1,000,000 in 1 year (a 33% increase), you can limit the increase of your property taxes to 10%/year. This can be accomplished by contacting the county property appraiser and applying for the limitation.

Sep 14, 2011 04:26 AM