10% Assessment Cap
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The 10% assessment cap applies to any portion of a property that does not receive homestead exemption or agricultural classification (Greenbelt). Therefore, any property may be eligible to receive the 10% assessment cap including vacant land, commercial and rental properties.
The first January 1st ownership starts the base year for the property. Future market value changes to the property are then capped at 10%. Changes in property ownership may affect the base year for the 10% cap. Additions to a property will be added to the market value and not subject to the 10% cap for the first year of assessment. The 10% cap first became effective for the 2009 tax roll.
There is no application process. If you are eligible to receive the cap, it will be applied to your property automatically.
No, the cap does not apply to the school board millage.