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 income limitation. To qualify for this limitation, the senior citizen must be the primary applicant for the homestead exemption.

Additionally, the bill outlines procedures for property appraisers regarding the assessment of properties that may have been incorrectly granted the homestead assessment limitation in the past. If a property appraiser finds that a person was not entitled to the limitation, they must notify the individual of an intent to record a tax lien against their property. Furthermore, if a senior citizen homesteader no longer meets the income requirement, their property will be reassessed accordingly, unless there has been a change in ownership. The act is contingent upon the approval of a related constitutional amendment.