Homestead caps

I am wondering if buyers and sellers have stopped to think what happens to their homestead cap and taxes when they sell a home and buy again in today's market.

Home values have increased drastically in the last couple of years and those that have lived in their home for a while and have a homestead exemption and cap probably aren't paying anywhere close to the amount of taxes they would if they just purchased the home and put a homestead exemption on it this year. As a new owner, you will be paying taxes on a full market value adjusted by your homestead exemption amount.

Make informed decisions when selling and purchasing, file for your exemptions as soon as you become eligible, and remember to protest your value.