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What is a homestead cap value?

Cap value applies to residential homesteads only and it goes into effect the second year after a residential homestead exemption has been granted for your residence. If the property is your residence homestead, the appraised value may not exceed the lesser of the market value of the property or the sum of:

Cap value applies to residential homesteads only. If this property is your residence homestead, the appraised value may not exceed the lesser of the market value of the property or the sum of:

  • 10 percent of the appraised value of the property for the preceding tax year;
  • the appraised value of the property for the preceding year; and
  • the market value of all new improvements to the property.