Full Definition
Under F.S. 193.1555(3), once eligible non-homestead property is reassessed each January 1, the increase in assessed value cannot exceed 10% of the prior year's assessed value. The cap does not apply to school district levies, and assessed value cannot exceed just value. A change of ownership or control resets assessed value to just value as of the following January 1. Read the statute for which property types qualify.
Example
A property assessed at $1,000,000 whose just value rises to $1,300,000 can see assessed value rise to no more than $1,100,000 the next year, absent a change of ownership or control.
Why It Matters
The cap can leave a long-held property assessed well below just value. A buyer's tax bill after closing can be much higher than the seller's, which changes NNN pass-throughs and NOI.
Sources & Further Reading
Educational summary, not tax or legal advice.