10% Annual Assessment Cap for Non-Homestead Properties
This benefit applies to non-homestead residential property as well as certain other residential and non-residential property. It could, for instance, be vacation or second home properties, or it could be commercial properties, vacant land or rental properties.
The cap assures that the assessed value of your non-homestead property will not increase more than 10% per year. The actual dollar amount of taxes you pay depends on the millage levied by local taxing authorities and certain other non-ad valorem assessments.
History of CPI
This 10% cap does not apply to school district millage.