This bill amends section 193.155 of the Florida Statutes to introduce new definitions and provisions regarding the assessment of elevated homestead properties. It defines "elevated homestead property" as a homestead that has been raised to meet the elevation requirements of the National Flood Insurance Program or Florida Building Code. The bill stipulates that the assessed value of such properties cannot exceed the value assessed on January 1 prior to the elevation for a period of 19 years, provided the square footage does not exceed 130% of the original size. Property owners must maintain active homeowners and flood insurance during this period, with failure to do so potentially leading to reassessment without the benefit of the limitation.

Additionally, the bill outlines the process for recalculating the assessed value of elevated homestead properties after 15 years and specifies that properties elevated after sustaining damage are eligible for this assessment methodology. It also allows property appraisers to require evidence, such as elevation certificates, to substantiate eligibility for the assessment. The bill includes a provision that prior homestead properties with assessment limitations must have their values recalculated before new assessments are made. The act is contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 1192 Filed: 193.155