10% Cap: Specified Real Estate Property

The 10% percent cap rule was established by voter approval of a constitutional amendment (commonly referred to as Amendment One) and has been in effect since January 2008.

The amendment applies to ‘specified real estate property’ including non-homestead residential parcels containing nine units or less, commercial properties and certain vacant lands.

Beginning in 2009, the assessed value of these properties cannot increase by more than 10% each year following the year the property was established on the tax roll. The earliest year the cap can be based on is 2008 - the effective date of the statute. The base year of the assessed value can change when there is a qualified improvement or a change in ownership. A qualified improvement could be the change from vacant land to improved land; or, there may be an addition to a previously existing improvement. For further explanation of these variations please review the statutes or call the property appraiser.

It is most important to note that the 10% cap does not apply under any circumstances to school related levies.

The full scope of rules governing the application of the 10% cap is stated in two different areas Chapter 193 of the Florida Statute. Review the following links for details about this constitutional amendment.

FSS 193.1554
FSS 193.1555

Information provided on this page is a synopsis and should serve as a guideline offered to assist the general public. For detailed information please refer to the Florida Constitution (applicable Amendments) and the Florida State Statutes.