I have an undeveloped property which does not qualify for Ag Exemption. The appraised value went up about 800% from 2024 to 2025, so I'm protected by the circuit breaker limitation and the assessed value for 2025 is the 2024 value plus 20%. Next year, will the assessed value increase to 2025 value plus 20%, or will it go to the full appraised value? The appraised value is still well under the $5 million circuit breaker limit.

Net appraised at the bottom of your property card can increase no more than 20% from year to year, for non-homestead property.

It will do so untill the Net Appraised is equal to Market Value.

EX: hypothetically the market value of your land is $500k, and in 2021 it jumps to $1MM (and stays there for each following year) as of January 1st - which is their Effective Date.

Your net appraised aka net taxable based on the circuit breaker will be $600k for 2021, which is a 20% increase.

2022 Market Value = $1MM; Net Taxable = $720k

2023 Market Value = $1MM; Net Taxable = $864k

2024 Market Value = $1MM; Net Taxable = $1MM

2025 Market Value = $1MM; Net Taxable = $1MM

In 2024 the difference between net taxable, and Market Value is only $136k, so instead of going up 20%, it simply caps or stops at Market Value at $1MM.

Market Value is simply an estimate of a given properties value as of January 1st in a given year. Net Appraised is Market Value - Exemptions (ag, circuit, HS, Ov65, DV, Bees etc.)

Assessed Value =/= Market Value; but in the example above, and in many cases those two terms are the same thing; or are used interchangeably. Just dont want to get into the specifics of tax code, comptroller BS, and appraisal definitions.

Lots of edits. Wife had a kid, day 3 in the hospital, sleep is no longer a priority.

IIRC, the 20% circuit breaker limitation on non-homestead properties was passed in 2023 under what they termed a 3 year pilot program.

So, that would make the years 2024, 2025 and 2026. Unless they enact an extension, I would guess they'll put the wood to your ass in 2027 and raise it to full market.

Personally, I'm hoping they extend it, and it would be nice if they'd knock it down to 12% or 15% maximum increase Y-O-Y, but I'm probably dreaming.

I read that it expires in 2026 as well.

Unless they extended it in the previous legislative session, I think it will sunset in 2026, since the next session doesn't start until 2027.

I'll protest next year, but my undeveloped lot "neighbors" that protested this year were able to reduce their values from an 800% increase to a 460% increase, so everyone still got the same 20% circuit breaker limitation.