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 a specified amount for 19 years following substantial completion of the elevation, provided that the property owner maintains active homeowners and flood insurance during this period. If the insurance is not maintained, the property may be reassessed without the benefit of the specified limitation. Additionally, the assessed value must be recalculated starting from the 15th year after the elevation is completed.

The bill also includes provisions for property appraisers to require evidence, such as elevation certificates, to substantiate eligibility for the assessment methodology. It specifies that elevated homestead properties that have a square footage less than 100% of the original must be assessed differently, and it outlines how to calculate the assessed value for properties exceeding 130% of the original square footage. Furthermore, the bill clarifies that these provisions apply only to properties where elevation commenced on or after January 1, 2027, and includes a contingent effective date linked to a proposed constitutional amendment.

Statutes affected:
S 1192 Filed: 193.155