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 the elevation. The assessment will consider square footage limitations, with a threshold of 2,000 square feet for total changes, and a 110 percent limit for changes exceeding the original square footage. Additionally, property appraisers are authorized to require evidence, such as elevation certificates, to substantiate eligibility for these assessments.

The bill also outlines the conditions under which properties damaged by calamity can be reassessed, ensuring that the assessed value reflects the property's condition before the damage occurred. It emphasizes compliance with federal and state building codes for properties undergoing elevation and specifies that the new assessment rules will apply to properties where elevation work begins on or after January 1, 2027. The act is contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.