What Is The 10% Non-Homestead Cap System?
All properties that are not already protecting from increases of more than 3% per year under a Homestead Exemption are now benefiting from a 10% increase cap.
The is a new state laws that set a 10% per year assessment increase cap in place for the assessed values for the City, County, and Region portions of your tax bills. However this cap does not apply to the School Board portion of the bill.
This means that that if in the previous year the value of your property was $100,000, then this year the highest it could go to would be $103,000 for about 2/3 of the bill. The other 1/3 of the bill (The School Board portion) would be dictated by the market value, and could for example be raised to any amount that is justified.
Furthermore the capping system only affects the value of the property and not the total taxes owed, similar to the way the “Save Our Homes” amendment capped the increase of Homesteaded properties at 3% per year (or the CPI, whichever is less.)
Thus you may notice that despite the value of your property decreasing or staying the same the taxes you are required to pay has gone up or stayed the same. See our post If Real Estate Values Have Gone Down, Why Did My Taxes Go Up? for more in depth explanation.