The bill amends section 193.155 of the Florida Statutes to establish new assessment guidelines for homestead properties that undergo changes, additions, or improvements, particularly those related to elevation due to flood risks. It introduces definitions for terms such as "elevation" and "elevation certificate," and specifies that such improvements must be assessed based on the property's value as of January 1 prior to the commencement of elevation. The assessment will consider whether the square footage of the elevated property exceeds 110% of the original size or 2,000 square feet, with specific calculations for properties damaged by calamity.

Additionally, the bill allows property appraisers to require evidence, such as elevation certificates, to substantiate eligibility for the new assessment criteria. It also stipulates that the provisions apply to properties where elevation commenced on or after January 1, 2027, and outlines that properties elevated under these guidelines must comply with federal and state building requirements. The bill includes a contingent effective date linked to a proposed constitutional amendment.