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 that the square footage does not exceed 130% of the original size. Property owners must maintain active homeowners and flood insurance during this period, or risk reassessment without the benefit of the limitation. Additionally, the assessed value must be recalculated starting from the 15th year after substantial completion of the elevation.

The bill also includes provisions for properties elevated after sustaining damage, allowing them to be assessed based on their value before the damage occurred. It mandates that property appraisers may require evidence, such as elevation certificates, to substantiate eligibility for the assessment methodology. Furthermore, it specifies that the new assessment rules apply only to properties where elevation commenced on or after January 1, 2027. The bill includes a contingent effective date linked to a proposed amendment to the State Constitution, ensuring that the changes take effect only if the amendment is approved in a future election.

Statutes affected:
S 1192 Filed: 193.155