Save Our Homes: why your assessed value is lower than market
Save Our Homes limits annual increases in the assessed value of a Florida homestead. That limit can leave assessed value below just, or market, value. Because an appeal challenges just value, the gap can be a clear reason an appeal won't lower your bill.
Published August 6, 2026. Informational only, not legal or tax advice. Your county property appraiser and the Florida Department of Revenue administer the rule. County details are local.
What Save Our Homes is
Florida law says the annual reassessment “shall not exceed the lower of the following: (a) Three percent of the assessed value of the property for the prior year; or (b) The percentage change in the Consumer Price Index for All Urban Consumers, U.S. City Average, all items 1967=100 ...” (Fla. Stat. §193.155(1)).
The rule limits the assessed value increase. Use the existing Save Our Homes calculator to do the math for your values.
When the cap starts
The statute says: “Beginning in 1995, or the year following the year the property receives homestead exemption, whichever is later, the property shall be reassessed annually on January 1.” (Fla. Stat. §193.155(1)).
Why assessed value and market value diverge
Just value is the market value used for the assessment. Assessed value reflects the Save Our Homes limit once the cap applies. Over time, the annual cap can make assessed value drift below just, or market, value.
A gap between the values doesn't by itself mean either number is wrong. It may show that the cap is limiting the assessed value.
Why an appeal may not lower your bill
A value appeal challenges the property appraiser's just, or market, value. If that value is already fair, the capped assessed value may already be well below market. An appeal can't lower the capped assessed value below the cap just because market value is higher.
That's why Save Our Homes can be a reason not to appeal. Read the Florida property tax appeal guide for the appeal process and its honest explanation of when not to appeal.
A change of ownership resets the cap
The general rule is that property “shall be assessed at just value as of January 1 of the year following a change of ownership” (Fla. Stat. §193.155(3)).
The statute contains exceptions. This guide doesn't apply them to any person or transfer. Read the statute and ask the county property appraiser about the facts of your situation.
Frequently asked questions
What is Save Our Homes?
Save Our Homes limits the annual reassessment of a Florida homestead. The limit is the lower of 3 percent of the prior year assessed value or the change in the Consumer Price Index described in Florida law.
Why is my assessed value lower than market value?
The annual cap can make assessed value drift below just, or market, value over time. The two values measure different things once the cap applies.
Will an appeal lower my capped assessed value?
Not necessarily. An appeal challenges just, or market, value. If that value is already fair, the capped assessed value may already be well below it, so an appeal may not lower your bill.
What happens after a change of ownership?
The general rule is that the property is assessed at just value on January 1 of the year after a change of ownership. Read the statute and check with the property appraiser about your situation.
This guide explains the rule. The calculator handles the math, so you don't have to copy the formula by hand.
Use the Save Our Homes calculator