This bill amends section 196.031 of the Florida Statutes to increase the homestead tax exemption amount from $25,000 to $75,000 for all levies, except for assessments for special benefits. It also removes the additional exemption of up to $25,000 for assessed valuations greater than $50,000 for all levies other than school district levies. The new language specifies that the exemption applies to the assessed valuation of the residence and contiguous real property, and it clarifies that the exemptions will be applied before other homestead exemptions to ensure the lowest taxable value.

Additionally, the bill establishes a contingent effective date, which is tied to the approval of a proposed amendment to the State Constitution by SJR 1016 or a similar resolution at the next general election or an earlier special election. This means that the changes to the homestead exemption will only take effect if the constitutional amendment is approved.