This bill establishes a new section, 193.6245, in the Florida Statutes, which introduces a homestead assessment limitation specifically 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 eligible seniors cannot exceed the assessed value as of January 1 prior to their 65th birthday, provided their income meets the specified limitations. To qualify for this limitation, seniors must apply for a homestead exemption and be the primary applicant listed on the application.

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 intent to record a tax lien against their property. If a senior citizen homesteader no longer meets the income requirements, 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.