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September 12, 2008, Newsletter Issue #175: Save Our Homes - Amendment 10
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Tip of the Week
The Save Our Homes amendment puts a cap on the increase of your home's value as long as you own it.
For instance, if you bought a home five years ago and applied for and received the homestead tax exemption then the assessed value of your home could only rise up to 3%, protecting people from the huge tax bills that would come along with increasing home values. When you sell the home to someone else, they can inherit your HEX for that year, and your assessment cap, but the following year they have to re-apply for HEX and the cap will be applied to the new assessed value of the home.
This can mean a significant jump in taxes for a new homeowner in the Miami area, but if you use the tax estimator, with the correct appraised value, then you'll be prepared.
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