Rumor – I read in the paper that the City of Groveland had a 15% increase in assessed taxable value. It’s outrageous that my taxes will increase by 15%!
Fact – For the third year in a row, the City of Groveland has experienced an increase in its taxable assessed value. This years’ increase is 15.25% of which $44,630,284 is attributable to new construction.
Fact – The 15.25% increase in taxable assessed value does not mean that your taxes will increase by 15.25%.
Fact – Florida Statute 193.155 (effective January 1, 1995) limits the amount a homestead property’s taxable assessed value can be increased in any one year to 3% or the Consumer Price Index, whichever is lower.
Fact – If you own a non-homestead property (2nd home, rental property, vacation home, vacant land or commercial property) the assessed value on that property is subject to a cap of 10% increase in taxable assessed value in any one year.