Why did my property’s assessed value increase when the market value decreased or stayed the same?

The decrease or lack of movement of the market value reflects market sales in your area. The property appraiser must reassess all properties every January 1. The assessed value of homestead property cannot increase more than 3 percent of the prior year’s assessed value or the percent change in the Consumer Price Index (CPI) for the prior calendar year, whichever is lower. For non-homestead property and certain residential and non-residential property, the assessed value cannot increase by more than 10 percent of the prior year’s assessed value. The assessed value will never be more than market value. See sections 193.155 and 193.1554(3) , Florida Statues, or see Tax Valuation and Income Limitation Rates on the Florida Property Tax Data Portal page.

Category: Property Tax

Sub-Category: Assessment

2.91

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