Property Tax Question on New Construction Home
We just moved in to our new construction house at the end of February. Cost to build was around 750k not including the land. It’s 4000sqft under roof and has a 1500sqft detached shop. I filed for homestead exemption as soon as we moved in. We just got our tax appraisal in the mail from the county for 2026. They have our house valued super low which is a good thing. The land without the house before we started building was assessed at 153k. Our assessed value is now 390k which I assume is because the house wasn’t completely finished at the time of the tax assessment? All other homes in the area are taxed at around twice that value.
Here is my main question:
Since I have filed for homestead exemption and they have my tax value at 390k, does the 10% increase cap still apply? Or can the county come back next year and double it and just say it’s because the house wasn’t finished at time of the previous assessment?