F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 1513 2024
1 A bill to be entitled
2 An act relating to reduction of assessed value;
3 amending s. 197.703, F.S.; revising the requirements
4 to receive a reduction in assessed value of certain
5 homestead properties; revising the maximum value of
6 such reduction; specifying how property is assessed
7 when conditions are no longer met to receive such
8 reduction; providing a contingent effective date.
9
10 Be It Enacted by the Legislature of the State of Florida:
11
12 Section 1. Subsections (1) through (4) and (6) of section
13 193.703, Florida Statutes, are amended to read:
14 193.703 Reduction in assessment for living quarters of
15 parents or grandparents.—
16 (1) In accordance with s. 4(f), Art. VII of the S tate
17 Constitution, a county may provide for a reduction in the
18 assessed value of homestead property for the portions of the
19 property used which results from the construction or
20 reconstruction of the property for the purpose of providing
21 living quarters for one or more natural or adoptive parents or
22 grandparents of the owner of the property or of the owner's
23 spouse if at least one of the parents or grandparents for whom
24 the living quarters are provided is at least 62 years of age.
25 (2) A reduction may be granted under subsection (1) only
Page 1 of 3
CODING: Words stricken are deletions; words underlined are additions.
hb1513-00
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 1513 2024
26 to the owner of homestead property if any where the construction
27 or reconstruction is consistent with local land development
28 regulations.
29 (3) A reduction in assessment which is granted under this
30 section applies only to a separate distinct area of living,
31 including a second residential dwelling, construction or
32 reconstruction that occurred after the effective date of this
33 section to an existing homestead and applies only during taxable
34 years during which at least one such parent or grandparent
35 maintains his or her primary place of residence in such living
36 quarters within the homestead property of the owner.
37 (4) Such a reduction in assessment may be granted only
38 upon an application filed annually with the county property
39 appraiser. The application must be made before March 1 of the
40 year for which the reduction is to be granted. If the property
41 appraiser is satisfied that the property is entitled to a
42 reduction in assessment under this section, the property
43 appraiser shall approve the application, and the value of such
44 living quarters residential improvements shall be excluded from
45 the value of the property for purposes of ad valorem taxation.
46 The value excluded may not exceed the lesser of the following:
47 (a) The increase in assessed value resulting from
48 construction or reconstruction of the property, if applicable;
49 or
50 (b) Twenty percent of the total assessed value of the
Page 2 of 3
CODING: Words stricken are deletions; words underlined are additions.
hb1513-00
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 1513 2024
51 property as improved.
52 (6) The property owner shall notify the property appraiser
53 when the property owner no longer qualifies for the reduction in
54 assessed value for living quarters of parents or grandparents,
55 and the previously excluded just value of such living quarters
56 improvements as of the first January 1 after the improvements
57 were substantially completed shall be added back to the assessed
58 value of the property. If such living quarters include
59 improvements that have not been previously assessed, the just
60 value of such improvements shall be the value of the
61 improvements as of the first January 1 after the improvements
62 were substantially completed.
63 Section 2. This act shall take effect on the effective
64 date of the amendment to the State Constitution proposed by HJR
65 1511 or a similar joint resolution having substantially the same
66 specific intent and purpose, if such amendment to the State
67 Constitution is approved at the next general election or at an
68 earlier special election specifically authorized by law for that
69 purpose.
Page 3 of 3
CODING: Words stricken are deletions; words underlined are additions.
hb1513-00