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Florida Administrative Code (Last Updated: April 18, 2024) |
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12. Department of Revenue |
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12D. Property Tax Oversight Program |
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12D-8. Assessment Roll Preparation And Approval |
1(1) This rule governs the determination of the assessed value of property subject to the homestead assessment limitation under Article VII, Section 4(d), Florida Constitution and Section 28193.155, F.S., 30except as it relates to changes, additions or improvements, changes of ownership, corrections, and transfers of homestead assessment limitation difference (“portability”).
51(2) Just value is the standard for assessment of homestead property, subject to the provisions of Article VII, Section 4(d), Florida Constitution. Therefore, the property appraiser is required to determine the just value of each individual homestead property on January 1 of each year as provided in Section 99193.011, F.S.
101(3) Unless subsection (5) or (6) of this rule require a lower assessment, the assessed value shall be equal to the just value as determined under subsection (2) of this rule.
132(4) The assessed value of each individual homestead property shall change annually, but shall not exceed just value.
150(5) Where the current year just value of an individual property exceeds the prior year assessed value, the property appraiser is required to increase the prior year’s assessed value by the lower of:
183(a) Three percent; or
187(b) The percentage change in the Consumer Price Index (CPI) for all urban consumers, U.S. City Average, all items 1967=100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics.
229(6) If the percentage change in the Consumer Price Index (CPI) referenced in paragraph (5)(b) is negative, then the assessed value shall be the prior year’s assessed value decreased by that percentage.
261(7) The assessed value of an individual homestead property shall not exceed just value.
275Rulemaking Authority 277195.027(1) FS. 279Law Implemented 281193.011, 282193.023, 283193.155, 284196.031 FS. 286History–New 10-4-95, Amended 6-14-22.
