The bill amends Florida Statutes regarding the assessment of homestead properties, specifically section 193.155, by establishing that these properties will be assessed at the most recent purchase price or the cost of construction for new builds, rather than the just value previously mandated. It introduces a new method for assessing changes, additions, and improvements based on documented costs and mandates annual reassessments based on prior assessed values. The bill also authorizes the Department of Revenue to create a grant program to facilitate these changes and outlines the process for correcting erroneous assessments and handling back taxes due to improper assessment limitations.

Additionally, the bill removes specific procedural requirements for property appraisers regarding the transfer of assessment limitations when homeowners move to a new homestead, streamlining the process for appealing property assessments. It eliminates the need for the value adjustment board in the previous county to issue a decision before the new county's board can hold a hearing, and allows for circuit court review of decisions from both counties. The act is set to take effect contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.

Statutes affected:
S 1092 Filed: 193.155