What property does the 10% cap apply to?
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.
When will this 10% cap become effective?
The first January 1st of 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.
How do I apply for the 10% cap?
There is no application process. If you are eligible to receive the cap, it will be applied to your property automatically.
Does the 10% cap apply to all millages?
No, the cap does not apply to the school board millage.