When Is property tax reassessed in Florida?

In Florida, property is reassessed every year, but significant increases in taxable value typically occur only when certain events happen. 

Annual Assessment

• All real property in Florida is assessed annually as of January 1 each year
• The county Property Appraiser determines the property’s just (market) value

This happens every year, even if nothing about the property changes.

When Reassessment Causes a Big Change

A substantial reassessment (often a jump in taxable value) usually occurs when one of the following happens:

1. Sale or Change in Ownership

• When a property is sold, Florida resets the taxable value to market value
• Any Save Our Homes (SOH) cap benefit is removed
• The new owner starts fresh with a new assessed value

2. Loss or Change of Homestead Status

Reassessment occurs if:

• The property is no longer your primary residence
• The homestead exemption is removed
• Ownership structure changes (e.g., transfer into certain entities)

Losing homestead protection removes both:

• the exemption, and
• the assessment cap

3. New Construction or Major Improvements

• Additions, renovations, or new structures are assessed at full market value
• The increased value is added to the tax roll
• Minor repairs and maintenance generally do not trigger reassessment

4. Market Adjustments

Even without a sale or improvement:

• Assessed value may increase annually due to market changes
• However, increases are limited by constitutional caps (if homesteaded)

Save Our Homes (SOH) Cap

For homesteaded property:

• Annual increases in assessed value are capped at the lesser of:
  
  • 3%, or
  • CPI inflation rate

This cap resets upon sale or loss of homestead status.

Non-Homestead Property Cap

For non-homestead property (rental, second homes, commercial):

• Annual assessed value increase is capped at 10%
• The cap also resets on ownership change

Key Dates

• January 1: Assessment date
• August: TRIM notice mailed (proposed taxes)
• November: Property taxes become due
• March 31 (following year): Taxes become delinquent if unpaid

Summary

• Florida property is assessed every year
• Major reassessment happens at sale, loss of homestead, or major improvements
• Assessment caps protect long-term owners but reset on transfer
• The tax bill reflects value as of January 1

Related Questions

• How can I apply for a property tax exemption in Arizona?
• How do I apply for a farm tax exemption in Oklahoma?
• How is land held for investment treated for tax purposes?

Sources:

Florida Statutes §193.155 - Homestead property assessment limitation

Florida Statutes §193.1554 - Non-homestead assessment limitation (10% cap)