As of Jan. 1, 2019, annual increases in the taxable value of all non-homestead property will permanently be capped at 10 percent.
About 67 percent of Floridians voted for Amendment 2 in Tuesday’s midterm election, a proposal put forward by the Florida Legislature. Lawmakers proposed to cement a 2008 policy that placed a 10 percent cap on the taxable value of a non-homestead property, even if its actual value increased by more than 10 percent.
Non-homestead properties include rental properties, vacation homes, vacant land and commercial property.
The vote also removed the scheduled repeal of the cap, which was set to take place later in 2019. School district levies are not included in the assessment caps.
The 10 percent cap was put in place to protect taxpayers from large increases in property taxes in the future.
Read more at The Miami Herald