Florida Legislature
Recapture provision of Save Our Homes initiative

Floridians are getting taken advantage of regarding this buried, unexpected "save our home" recapture provision.

Specifically,
a "recapture" provision may cause your taxable value to rise on a homesteaded property even if your market value dropped from last year. If you have homestead and your "Save Our Homes" (SOH) value is less than the just (market) value, state law requires that your overall assessed value increase each year by the 3% annual cap level until it eventually reaches the same amount as the market value.

This provision is buried in the Save Our Homes initiative. This was not an expected result of passing this.

Floridians would NOT have passed this provision had they understood it!

Here's my real life example I found via my recent TRIM notice...

A) market value decreased $30k
b) I'm now getting 2 additional homestead exemptions (i.E., additional $50k exemptions) for a total $75k (a $50k increase in exemptions for: senior and save our home on top of the standard $25k)
c) With all this, assesed value STILL INCREASED BY 3%. THE TAXABLE BASIS OF MY HOME IS HIGHER THAN LAST!!!

Result: taxable base increased even with all these reductions!

My home's taxable (assessed) value should not go up when its value decrease and exemptions increase!

This needs to be corrected!

Company: Florida Legislature
Country: USA
State: Florida
City: Tallahassee
Address: House And Senate

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