A Florida homeowner's property is assessed at $450,000 for tax purposes. The property qualifies for homestead exemption and has Save Our Homes (SOH) protection with a 3% annual cap increase from the previous year's assessed value of $425,000. What is the maximum assessed value for the current tax year?
Correct Answer
A) $437,750
Under Save Our Homes, the assessed value can only increase by 3% annually or the CPI, whichever is less. $425,000 × 1.03 = $437,750. Option B is incorrect (wrong calculation). Option C ignores the SOH cap protection. Option D incorrectly applies 3% to the current market value.
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