Save Our Homes
A Florida constitutional cap that limits annual increases in the assessed value of homestead property to 3 percent or the change in the CPI, whichever is less.
Save Our Homes is a Florida constitutional provision that caps how much the assessed value of homestead property can rise each year. The increase is limited to the lesser of 3 percent or the change in the Consumer Price Index.
The cap keeps property taxes more predictable for long-term homeowners. When a homestead is sold, the assessed value generally resets to market value for the new owner.
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- Homestead Exemption (Tax)
A Florida property tax reduction of up to 50,000 on a primary residence, applied in two 25,000 layers.
- Homestead (Creditor Protection)
Florida constitutional protection that shields a primary residence from forced sale by most creditors and limits how it can be devised.
- Millage Rate
The property tax rate expressed in mills, where one mill equals 1 dollar of tax per 1,000 dollars of taxable value.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.