03/05/2026
Your home may be similar or even identical to your neighbor’s; however, the assessed value and taxes can be very different for several reasons. The assessment of homesteaded properties is capped at 3% per year, and non-homestead properties are capped at 10% per year. The cap starts in the year following purchase, so your neighbor may have purchased their home at a different time than you, resulting in a different capped value.
In addition, Florida property owners can “port” their cap savings from one homestead to another, which also impacts assessed value and taxes. Lastly, your neighbor may benefit from certain exemptions that lower taxable value and, ultimately, taxes paid. A better comparison between similar properties is market value, which is not impacted by caps or exemptions.
