Homestead Exemption-The Recapture Rule,
or What Goes Around Comes Around
You may be rushing to check the assessed value of your homesteaded property in the next couple of years as values in the neighborhood decline. Won't you be shocked to find that your assessed value has gone UP! Welcome to Florida's Recapture Rule.
Homesteaded property owners have enjoyed the Save our Homes assessed value cap of 3%/annum since 1993. As values skyrocketed, property taxes for homesteaded owners remained low thanks to the Save our Homes amendment. If you'd like to check out the amount of assessed value reduction for your property take a look at your tax statement (or look up your address on www.bcpa.net/search.asp) and compare the SOH value with the Just Value. Now that values are declining, the Recapture Rule, passed in 1995, will come into play. The Recapture Rule provides that county Property Appraisers may increase assessments up to the 3% cap, even in declining markets, until the Just Value figure is reached.