05/31/2026
"Why did my taxes increase even though my property’s market value decreased?"
The ‘recapture rule’ may apply if the just/market value of the property decreases. The assessed value will still increase by 3%(homestead)/CPI or 10% (non-homestead) annually until it reaches the just/market value. Assessed value can never be more than just/market value. When the just/market value increases, the applicable cap will again limit future increases of the assessed value.