A Fort Lauderdale homeowner's property was assessed at $380,000 last year and $420,000 this year. The property has homestead exemption and Save Our Homes protection. What is the maximum the assessed value can increase this year under Save Our Homes?
Correct Answer
B) The lesser of 3% or the Consumer Price Index increase
The correct answer is B. Florida's Save Our Homes amendment limits annual assessment increases on homestead property to the lesser of 3% or the change in the Consumer Price Index. A is incorrect because it doesn't account for the CPI comparison. C is incorrect because while 3% of $380,000 equals $11,400, the actual limit could be lower if CPI is less than 3%. D is incorrect because Save Our Homes specifically applies to homestead properties and does impose limits.
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