House Bill 775 amends the assessment process for homestead properties in Florida by revising how these properties are evaluated for tax purposes. The bill mandates that properties receiving a homestead exemption be assessed based on the most recent purchase price or the cost of new construction, rather than the previous "just value." It also establishes that annual reassessments will be based on the prior assessed value or a specified calculation, with any changes or improvements to the property assessed at their documented costs. Additionally, the bill removes certain procedural requirements for transferring assessment limitations when homeowners move, including the need for property appraisers to transmit forms between counties and the finalization of values on assessment rolls.

Moreover, the bill introduces new provisions for correcting erroneous assessments due to material mistakes of fact and clarifies the notification process for homeowners regarding unpaid taxes from improper assessment limitations. It ensures that homeowners are not penalized for clerical errors made by property appraisers if they voluntarily disclose the mistake. The Department of Revenue is authorized to create a grant program to assist local governments affected by these changes and to adopt rules for its implementation. The act will take effect contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.

Statutes affected:
H 775 Filed: 193.155