Unfortunately, while property values have stabilized or even fallen, Florida property tax rates have continued to climb. There are some simple solutions for lowering the property tax rates in Florida which require a minimum of time and expense.

The Save Our Homes Bill

In 1992, Florida voters enacted an amendment to the Florida Constitution which capped an annual increase in the valuation of property. By the terms of the amendment an annual assessment of homestead property in Florida is capped at 3% or the Consumer Price Index, whichever is less. However, this cap only applies to a residential property that qualifies for the homestead exemption.

Also, the cap does not guarantee property taxes will increase because even though the assessment stays the same or is even lowered, millage increases levied by local taxing authorities could go up thereby increasing property taxes. Despite popular belief the Save Our Homes amendment does not always result in lower or unchanging taxes.

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