Definition: Florida's limitation on annual increases in the assessed value of qualifying homestead property, generally the lesser of 3% or the applicable change in the Consumer Price Index.
Example
If the applicable CPI change is 2%, a qualifying property's assessment increase is generally limited to 2%, subject to the law's exceptions.
Keep the distinction clear
The limitation applies to assessed value, not directly to the tax bill or market value. Changes of ownership and new improvements can affect the assessment.
Related terms
Assessed Value · Homestead (Florida) · Taxable Value
Keep studying
References: Florida Department of Revenue: property-tax benefits
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