Refinancing a property does not cause it to be reassessed, nor does it re-set an existing Save Our Homes cap. However, keep in mind that ALL property is Florida is reassessed EVERY year — regardless of whether it sells — per Section 192.042, Florida Statutes. The reassessment value is based upon all of the qualified sales for like properties in the same or similar areas. A homesteaded property with Save Our Homes protection is also reassessed every year, in that the just (market) value will change — although the taxable assessment cannot rise by more than 3% a year due to the Save Our Homes law.