Non-homestead properties, which covers second homes, rentals, and vacant land, get a 10 percent annual cap on assessment increases rather than the 3 percent homestead cap. That cap resets to full market value the year after a property sells or changes use, so a newly purchased investment property starts fresh. Worth watching is Amendment 3 on the November 2026 statewide ballot, which would lower that non-homestead cap from 10 percent to 5 percent starting in 2027 if it clears the 60 percent voter threshold. Nothing changes yet, but owners building a multi property portfolio should track this vote closely.
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