The bill amends Florida Statutes concerning the assessment of homestead properties, specifically section 193.155, by establishing that these properties will be assessed based on the most recent purchase price or the cost of construction for new builds, rather than their just value. It mandates annual reassessments based 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 authorizes the Department of Revenue to create a grant program to support local governments affected by these changes and to adopt necessary rules for implementation. Notably, it removes provisions that allowed for assessments to be less than just value under certain circumstances and clarifies the reassessment process to ensure property values reflect actual costs and market conditions.

Additionally, the bill modifies the process for transferring homestead property assessment limitations between counties by eliminating certain procedural requirements for property appraisers, such as the need to return information about previous homesteads by specific deadlines. It introduces new obligations for appraisers to notify taxpayers if information is insufficient to identify previous homesteads and outlines protections for individuals who may be affected by clerical errors in granting assessment limitations. The bill also streamlines the appeals process for property assessments by removing the requirement for the value adjustment board to wait for decisions from previous counties and eliminating the need for taxpayers to present evidence at hearings. The act will take effect contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 1092 Filed: 193.155