As a Brevard County, Florida real estate agent I advise buyers that the current taxes and assessed value of a property is not a guaranteed predictor of the future taxes on a property.
The current exemption status of a home on January 1st of the year determines the exemptions for the current year only.
The below information has been extracted from the Brevard County Property Appraiser web site:
The "market value" of a property is defined as the most probable price which the property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and neither being under duress to act, and represents the estimated net proceeds to the seller.
The "assessed value" is defined as the value of each property used in the computation of the property taxes. After allowances for personal exemptions, it becomes the taxable value to which the tax rate is applied.
Homestead exemption status affects the property tax bill for homeowners as well. The exemption status of a new home on January 1st affects the property tax bill for the entire year as property taxes are paid at the end of the year.
There are basic homestead exemptions like the $25,000 (sometimes $50,000 exemption) plus special exemptions for Disability ($500), Blind Persons ($500), Totally & Permanently Disabled Persons (Civilian), Disabled Veterans, Service Connected Total & Permanent Disability Exemption plus a few other special categories.