IMPORTANT: By the 1992 Amendment to the Florida Constitution, the assessed value of your Homestead property can be no greater than 3% more than last year's assessed value or the consumer price index, whichever is less. The Department of Revenue certifies the consumer price index.

To give you an example: if your Homestead property was assessed at $100,000 last year, and its just value increases to $125,000 this year, your maximum current assessment is $103,000. The cap is 3%.

The only way your assessment can increase more than this is if there is a change in ownership, or improvements to your property were not in last year's assessment.

If the just value of your property declined since last year, this year's just value will reflect that decline in the market. However, your assessed value will continue to increase by 3% or the consumer price index, whichever is less, as long as assessed value is less than just value.

The assessed/SOH value will equal the just value for non-homesteaded properties. The assessed value will equal the just value the first year an owner receives homestead.