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What Is “Save Our Homes”?
“Save Our Homes” (SOH) spearheaded by Mr. Wilkinson, approved by Florida voters in 1992, effective January 1, 1995. SOH places a limitation of 3% on annual assessment increases on homestead exempt property. For all property first granted homestead exemption in the prior year, that year’s assessed value will be the base value for the implementation of “Save Our Homes”. Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less. The property’s market value may differ from SOH assessed value. SOH assessed value will never be greater than market value.
Bonita Springs, Florida and Lee County residents can access the homestead exemption form at the Lee County Property Appraiser website.
What do you need to know about buying a home in Bonita Springs, Save Our Homes and the tax rate of the home? If the homeowners have lived in the home for a considerable amount of time the tax rate may be merely a fraction of what the new accessed value will be for the next owner of the home. As your real estate professional what the proposed taxes will be for the home you are purchasing. There are also tools and calculators available at the Lee County Property Appraiser site. If you are a seller of a home with substantial savings in the Save Our Homes program it may be something you should add to your Seller’s Disclosure. A buyer that is surprised with an unexpected, ballooning tax bill probably isn’t something you’ll want to encounter.
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