Constitutional Amendment 1, approved by Florida voters on January 29, 2008, was a provision to limit increases in the annual assessment of Non-Homestead properties to ten percent (10%). The base-year for implementing this change was 2008 and assessments were capped beginning in 2009. It was set to expire on January 1, 2019, but was approved by more than 60% of Florida voters on November 6, 2018. Florida Statute 193.1554 addresses the Non-Homestead Cap.
- There’s no application for the Non-Homestead Cap as it applies automatically.
- Changes in ownership and/or use resets the Non-Homestead Cap base year following the change. For example, filing a homestead exemption application removes the Non-Homestead Cap. When this occurs, the Assessed Value will reset to current market value, and any Non-Homestead Cap difference will be lost.
- The Non-Homestead Cap limits increases in the assessed value to 10%, excluding School Board assessments. School Board assessments are taxed at 100% of Just (Market) Value.