Save Our Homes, Green Belt Law

Question 1

What is the purpose of the Save Our Homes and portability act?

Answer 1

Caps how much the assessed value of homesteaded property may increase each year

This act aims to provide financial relief to homeowners by limiting property tax increases.

Question 2

According to Save Our Homes, how do you calculate the cap on how much the assessed value of a homesteaded property can increase?

Answer 2

The lesser of 3% or the percentage change of the Consumer Price Index (CPI) for the preceding year

This calculation ensures that property tax increases are manageable for homeowners.

Question 3

The SOH benefit (up to _____) may transfer from previous homestead exemption to a new homestead within three tax years

Answer 3

Up to $500,000

This portability allows homeowners to retain some tax benefits when moving.

Question 4

What is the Green Belt Law?

Answer 4

Shields agricultural property from higher tax assessments

This law helps maintain the viability of agricultural operations by preventing tax spikes.

Question 5

The Green Belt Law is designed to protect farmers from having taxes increased just because their land ____

Answer 5

Might be suited for development

This provision allows farmers to continue farming without the threat of increased taxes due to potential land use changes.