Unless there is a change of ownership, exempt status, or a significant improvement on the property, the Assessed Value (AV) of a homestead property can only increase a maximum of 3% or the Consumer Price Index (CPI) – whichever is lower every year. Unlike the Assessed Value, the Market Value (MV) can change by any amount/percentage depending on the market (recent sales)

Your property taxes can go up by more than 3%, this is due to millage rate changes set by the taxing authorities. The Property Appraiser’s Office has no control over the millage rates, and by state law, we must value each property in the county at market value. 

1. The assessed value (AV) is typically lower than the Market Value (MV).  If the previous owners had a Homestead exemption on this property their AV was capped by 3% each year.  The Homestead exemption is a great way to save homeowners on taxes
2. Upon the sale of the property (the change in ownership), based on state law, the AV resets (increases) to the current MV.  If you apply for Homestead your first January 1st is the AV starting point for your Homestead exemption.
3. The previous owners might have had other exemptions that you may not have or be eligible for.  Check out our exemption forms and guide to see if you are eligible for additional exemptions.

The property taxes paid by surrounding neighbors, even if the homes are identical, may significantly differ based on, how long they have lived at the property and the exemption(s) claimed. 

Use the property tax calculator to estimate your future taxes based on the estimated sale price, taxing jurisdiction (estimated millage rate), and any exemption(s) you may qualify for.