The bill introduces a new section, 193.6245, to 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 a homestead property for eligible seniors cannot exceed the value as of January 1 prior to their 65th birthday, provided their income meets the specified limitations. To qualify for this assessment limitation, seniors must be the primary applicant for the homestead exemption.

Additionally, the bill outlines the responsibilities of property appraisers, including the requirement to notify individuals if they were incorrectly granted the homestead assessment limitation in the past, which may lead to a tax lien on their property. If a senior citizen homesteader's income exceeds the limitation, their property will be reassessed accordingly, unless there has been a change in ownership. The act is contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.