An assessment cap limits how fast assessed or taxable value may rise year to year. New buyers often lose that hold-down when ownership changes.
An assessment cap is a legal limit, which varies by state, on how fast assessed or taxable value may rise from one year to the next, even when the market jumps more. New buyers often lose that hold-down, because many caps reset when ownership changes. The millage still applies to whatever taxable figure remains.
How does an assessment cap change a property tax bill?
The cap holds the tax base below a faster market. Florida's Department of Revenue publishes one homestead version: the annual increase may not exceed the lower of 3 percent or the CPI change. Other states write different ceilings. This page is not a state-by-state map.
Example: last year's assessed value is $200,000. A 3 percent cap prints $206,000 this year even if the market is $240,000. Ten mills on $206,000 is $2,060, not $2,400. Those dollars are an example, not a county's 2026 CPI.
Look up if you are overpaying.
What happens to an assessment cap when I buy a house?
Many caps reset for a new owner, so the next roll can jump toward full market after a sale. The seller's hold-down does not always travel with the deed. A property tax appeal is still aimed at the printed value after that reset. The property tax glossary keeps that reset next to taxable value. FairAppeal reviews the property and decides whether to file, and Fair Appeal only charges if the printed value actually comes down.