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 law stipulates that the $75,000 exemption will apply to the assessed valuation of the residence and contiguous real property, and it clarifies that this exemption may be apportioned among owners residing on the property.

Additionally, the bill specifies that the exemptions provided in the amended subsection will be applied before other homestead exemptions to ensure the lowest taxable value. The act is contingent upon the approval of a related amendment to the State Constitution proposed by SJR 1016 or a similar resolution, which must be approved at the next general election or an earlier special election authorized by law.