Scott P. Russell, CFA
Property Appraiser
Monroe County, Florida

Key West (305) 292-3420
Marathon (305) 289-2550
Plantation Key (305) 852-7130

Amendment 10 - Save Our Homes Information

What is the "Save our Homes" Amendment?

Florida voters in 1992 approved Constitutional Amendment 10, known as the “Save Our Homes” Amendment.  The amendment, which affects homestead exempt property only, limits the yearly assessed or taxable value increases to no more than 3 percent of the prior year’s assessment or the percentage change in Consumer Price Index, whichever is less.  This amendment, prevents drastic changes in the taxable value of homesteaded property.  The amendment’s limits become effective in the year following the exemption approval and apply as long as you continue to own and reside on the property as your permanent homestead.  If you sell or transfer title to your property, it will be assessed at market or just value. (Transactions between husband and wife do not negate the amendment’s benefits.) If you make changes, additions or improvements to property receiving the homestead exemption, the changes will be assessed at market value even though the amendment continues to apply to the original assessment. While the amendment does not deal with millage rate changes, the homesteaded property owner is protected against abruptly rising values in an active rising real estate market.

How does the amendment limitation apply?

Real property shall be assessed at full market value (just value) as of January 1 of the year in which the property first receives the homestead exemption.  The following year the property is reassessed and any changes from the prior year's assessed value is not to exceed the lesser of 3% of that prior year assessed value or the Consumer Price Index percentage change, (except capital improvements, additions or improvements).

How is my property affected?

The year following the granting of homestead exemption, the property is subject to the limitation.

What about any changes, additions or improvements to the homestead property?

New construction or additions shall be assessed at full market value as of the first January 1 after the changes are substantially completed.  In these circumstances, it is possible that the assessed value may exceed the amendment limitations. However; after the first year that the changes are assessed at full market value, they are also subject to the amendment limitations.

What properties are not subject to the limitation?

Residences without homestead, non-residential property, vacant land, tangible personal property, commercial property, and agricultural property are not eligible for the amendment limitation.

Why would my assessment increase when my market value stayed the same?

This is probably due to the "recapture" rule. In 1995, the Department of Revenue adopted a rule, approved by the Governor and Cabinet, directing property appraisers to raise the assessed value of a qualifying homestead property by the maximum of 3% or the Consumer Price Index, whichever is less, on all properties assessed at less than full market value (just value).

What happens if a property is sold or conveyed to a new owner?

Once the property has been conveyed to the new owner (and the homestead exemption is interrupted), it is raised to full market value (just value) January 1 of the following year.  The new owner must qualify and apply to receive homestead exemption. Even if the property received a homestead exemption under the previous owner, the limitation, just like the exemption, expires January 1 of the year following a change of ownership.