Florida has the Save Our Homes benefit that limits increases in your property taxes due to increases in your home’s market value. If you buy a new home in Florida, you can transfer the savings to your new home.
How does Save Our Homes work?
Save Our Homes limits increases in your home’s assessed value to 3% per year. Your Save Our Homes benefit is the difference between the assessed and market values.
For example, let’s say you’re home’s market value increased by $150,000 but Save Our Homes limited the increase in your assessed value to $50,000. You have a $100,000 benefit.