Posted by Ironmanfla on September 02, 2003 at 06:36:43:
Although they raised the assessed value of your property, I think they are limited by as to how much your actual taxes can be raised with the homestead. I am pretty sure they can only be increased by a certain percentage. If you sold your home, the new buyer would be paying based on the much higher value.
I am not sure how it works, but you may need to file some kind of paperwork to put the cap in place. I am not positive, but you may also need be some age requirements ie over 55 yrs old.
Good luck, and I hope that helps.