Frequently Asked Questions

Q: How can you say that my property is worth $90,000 when I paid only $70,000 for it three years ago?

A: The current valuation reflects changes in the real estate market since you purchased the property. Sales that have taken place in the last three years indicate that the market value of your property has increased.

Q: My insurance company just appraised my house. Why is it so much lower than my TOTAL market value?

A: An appraisal made for insurance purposes does not include land.

Q: What is the Save Our Homes amendment and how does it affect me?

A: The Florida Constitution was amended effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption to three percent or the amount of the Consumer Price Index, whichever is lower. No assessment, though, shall exceed current fair market value. This limitation applies only to property value, not property taxes.

When a house is sold, the new owner will be assessed at the current fair market value. The property will fall under the limitations the year after the new owner receives their new Homestead Exemption.

If additions or improvements are made to the property, the value of those improvements will be added to the roll regardless of the cap. For example, if a pool is added to a property, the value can increase no more than 3% plus the value of the pool. If we correct such items as size, number of bathroom fixtures, installation of heat and/or air conditioning, the value of those corrections will also be added to the roll above the 3% cap.

The cap does not apply to properties that are not homesteaded or rented. Multi-family properties may qualify based on percentage of use. For example, if you own a duplex, live in one half and rent the other half to a tenant, only 1/2 of your property value will be capped.

The cap remains in effect upon the change of title due to marriage, divorce, or death of a spouse as long as the original qualifying owner continues to live on the property as their permanent address. 

In multiple owner situations where not everyone receives a Homestead Exemption, only the percentage of ownership the homesteaded owner possesses will be covered under the Save Our Homes cap. For two owners with one homesteaded and the other not, only half of the value of the property will be protected. If another non-homesteaded owner is added, the capped percentage drops to one third.

Q: What happens if the real estate market goes down?

A: The Property Appraiser's office constantly monitors the market countywide. Each property's sale price is compared to its assessment. The Property Appraiser will reduce assessments if a downward trend occurs. Please note that different sectors of the market may act differently: i.e. assessments of inland homes may be decreasing in value while, at the same time, waterfront properties may be increasing.

Q: How is land valued?

A: Land is valued based on the market or comparative sales approach. The location of the land is a major factor in determining its value. For example, land located near the water is generally more valuable than land located inland. Sale properties are analyzed and compared. Units of comparison such as square feet, acreage and front foot are used to develop land value from the sale properties. These land values are then applied to non-sale properties based on their comparability.

Q: What guidelines does the Property Appraiser follow in determining property value?

A: The Property Appraiser and staff must abide by the Florida State Constitution and the Florida Statutes. The Florida Department of Revenue also issues a manual of instructions which conforms to the intent of the previously mentioned documents. The office also ascribes to the practices and standards of the International Association of Assessing Officers (I.A.A.O.).

Q: Why are my taxes increasing when the assessment on my home is going down?

A: Because your millage rate (tax rate), determined by your local taxing authorities, is increasing.

Glossary

Ad Valorem: Meaning "according to value," an ad valorem property tax is levied in proportion to the value of the items being taxed.

Market Value: A prediction of the most probable selling price of the property.

Just Value: An alternative term for market value.

Assessed Value: Market/just value adjusted for applicable Save Our Homes limitations. For non-Homesteaded property, this value will be the same as the market/just value.

Taxable Value: Assessed value less any exemptions. This value is applied to the millage rate.

Millage Rate: The tax rate set by Taxing Authorities to fund their annual budgets.

Cadastral Map: A map listing the value, extent, and ownership of land in a given district for the purposes of taxation.

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