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 the responsibilities of property appraisers in cases where a homestead assessment limitation was improperly granted in the past, requiring them to notify the individual of a potential tax lien against their property. If a senior citizen homesteader no longer meets the income requirement, 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.