Save Our Homes (max % increase on homestead value)

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 was designed to protect homeowners from significant increases in property taxes.

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 taxes remain manageable for homeowners.

Question 3

If a homestead has a just value of $300k and an accumulated $40k in SOH protections, what is the taxable value?

Answer 3

• first, subtract the SOH protection to get the assessed value (so it will apply to all taxes)… $300k-$40k = $260k assessed value
• Then, school taxes is $260k-$25k = $235k taxable value
• city/council taxes is $260k-$50k = $210k taxable value for city/couty taxes