This 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 bill also sets conditions under which the assessment will be calculated, including limits on square footage increases and the requirement for property appraisers to obtain evidence of compliance with federal and state elevation standards.

Additionally, the bill modifies existing language regarding the assessment of homestead properties by replacing the term "shall" with "must" in several instances, thereby emphasizing the mandatory nature of the assessment requirements. It raises the maximum allowable square footage for improvements from 1,500 to 2,000 square feet and outlines the circumstances under which properties damaged by calamity can be reassessed. The bill is contingent upon the approval of a related constitutional amendment and is set to take effect if that amendment is passed in the next general election or an earlier special election.