Property Valuation
Under Florida's Save Our Homes (SOH) cap, a homesteaded property's assessed value can increase no more than:
A2% or the percentage change in the Consumer Price Index (CPI), whichever is less
B3% or the percentage change in the Consumer Price Index (CPI), whichever is less✓ Correct
C5% annually regardless of market value changes
D10% per year up to market value
Explanation
Florida's Save Our Homes Amendment caps annual increases in the assessed value of homesteaded property at 3% or the percentage change in the Consumer Price Index (CPI), whichever is less. This cap protects long-term homeowners from rapid increases in property taxes when market values rise quickly.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
State-Specific Concepts
Homestead Exemption
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