Summary of Administrative Process for the 10% Assessment Increase Limitation
All non-homestead residential property and certain residential and nonresidential property be assessed at just value as of January 1, 2008. Thereafter, the property must be reassessed annually and any change resulting from the reassessment of such property may not exceed 10 percent of the just value of the property in the prior year. In addition it requires that owners of property subject to the 10% assessment increase limitation shall, on or before March 1 of each year, apply with the county property appraiser. Failure to apply constitutes a waiver of the assessment limitation unless the failure was due to postal error or unless the Value Adjustment Board accepts a late application due to particular extenuating circumstances.
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