The bill proposes the creation of a new section, 193.6245, in the Florida Statutes, which establishes a homestead assessment limitation for individuals aged 65 and older. It defines key terms such as "income" and "senior citizen homesteader," and stipulates that the assessed value of real property used as a homestead by a qualifying senior citizen cannot exceed the assessed value as of January 1 prior to their 65th birthday, provided their income meets the specified limitations. To qualify for this assessment limitation, the senior citizen must be the primary applicant for the homestead exemption.

Additionally, the bill outlines procedures for property appraisers to follow if they determine that a homestead assessment limitation was improperly granted in the past, including serving a notice of intent to record a tax lien against the property. If a senior citizen homesteader no longer meets the income requirements, their property will be reassessed accordingly. The act is contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.