House Bill 775 amends the assessment process for homestead properties in Florida by revising Section 193.155 of the Florida Statutes. The bill mandates that properties with 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 establishes that annual reassessments will rely on the prior assessed value or a specified calculation, and any changes or improvements to the property will be assessed at their documented costs. The bill also aligns Section 194.011 with these changes and authorizes the Department of Revenue to create a grant program to assist local governments affected by these modifications.

In addition to these changes, the bill removes several existing provisions related to the assessment process, including the previous limitations based on a percentage of the prior year's assessed value and the Consumer Price Index. It eliminates requirements for property appraisers to certify previous homestead abandonment and the need for information sharing between counties. The bill also streamlines the appeal process for property assessments by removing the requirement for the value adjustment board in the previous homestead county to reconvene upon receiving a petition from the taxpayer in the new county. Overall, the amendments aim to simplify and clarify the assessment process while ensuring fairness and transparency for taxpayers and property appraisers.

Statutes affected:
H 775 Filed: 193.155