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Save Our Homes
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Save Our Homes
The 2014 SOH CAP is 1.5%
Amendment 10 or what is known as Save Our Homes took effect on the 1995 tax rolls. Any property receiving homestead exemption in 1994 which was entitled to the same exemption for 1995 became a part of the Save Our Homes legislation.
The property was capped at that time and was not allowed to increase more than 3% per year or the percentage of change in the Consumer Price Index, which ever was lower. This continues to apply to all homestead properties with the cap being applied for the first time during the second year of receiving homestead exemption.
No portion of a homestead property that is classified as agricultural is entitled to the cap. Those portions are assessed as non-save our homes and are subject to the market value or increases as deemed necessary.
Any changes, additions or improvements to the homestead property are assessed at Just Value for the first year that they are added to the role. The following year they are then subject to the Save Our Homes cap.
Homestead property loses the Save Our Home cap following a change in ownership. This includes any sale, foreclosure, or transfer of legal title or beneficial title in equity to any person. The property will then be assessed at Just Value following the removal the homestead exemption. The property will also be assessed at Just Value following the removal of homestead exemption for any valid reason where there is no change in ownership.
If the Property Appraiser discovers that a person was not entitled to the homestead assessment limitation within the prior 10 years, the Property Appraiser must record a notice of tax lien in this state subject to the unpaid tax, 50% penalty and 15% interest per annum.
Please contact Janet Gill, 491-7300 Ext. 7335, or email@example.com if you have any questions regarding Save Our Homes (Amendment 10).