How does the amendment limitation apply?
Real property shall be assessed at full market value (just value) as of January 1 of the year in which the property first receives the Homestead Exemption. The following year the property is reassessed and any changes from the prior year’s assessed value is not to exceed the lesser of 3% of that prior year assessed value or the Consumer Price Index percentage change, (except capital improvements, additions or improvements).
Real property shall be assessed at full market value (just value) as of January 1 of the year in which the property first receives the homestead exemption. The following year the property is reassessed and any changes from the prior year’s assessed value is not to exceed the lesser of 3% of that prior year assessed value or the Consumer Price Index percentage change, (except capital improvements, additions or improvements). For example, if you add a new porch to your home in June of 2003, the porch will be added to your assessment at full value in 2004. For subsequent years, the value of the porch will be included under the limitation.
