This bill amends Florida Statutes concerning the assessment of homestead properties, changing the method of assessment to be based on the most recent purchase price or the cost of construction for new builds, rather than the just value. It establishes that annual reassessments will rely on the prior assessed value or a specified calculation, and it details how changes, additions, and improvements to properties should be assessed. Key changes include a requirement to lower the assessed value to just value if the calculated assessed value exceeds it, and it mandates that improvements be assessed at their documented costs. The bill also removes previous provisions that allowed for assessments below just value for new homesteads under certain conditions, thereby streamlining the assessment process.

Additionally, the bill revises the process for transferring homestead property assessment limitations between counties by eliminating certain procedural requirements for value adjustment boards. It emphasizes the need for property appraisers to share information and correct assessments based on received data, while allowing taxpayers to seek legal recourse if necessary information is not provided. New requirements for notifying taxpayers about insufficient information for identifying previous homesteads and transferable assessment limitations are introduced, along with clarifications on correcting erroneous assessments and conditions for back taxes. The bill also establishes a grant program through the Department of Revenue to assist local governments with revenue shortfalls resulting from these changes, with the department authorized to adopt related rules. The act will take effect upon the approval of a related constitutional amendment.

Statutes affected:
S 1092 Filed: 193.155