This bill amends section 193.155 of the Florida Statutes, which pertains to the assessment of homestead property. It introduces new definitions and requirements for assessing changes, additions, or improvements made to homestead properties, particularly those aimed at elevating the property to mitigate flood damage. The bill specifies that such assessments must be calculated based on the property's assessed value as of January 1 immediately preceding the commencement of elevation, with certain conditions regarding square footage limits. Notably, the maximum square footage for assessment purposes has been increased from 1,500 to 2,000 square feet.

Additionally, the bill allows property appraisers to require evidence, such as elevation certificates, to substantiate eligibility for the assessment. It mandates that homestead properties must comply with federal and state building requirements to qualify for the assessment limitations. The provisions of this bill will apply to homestead properties for which elevation commenced on or after January 1, 2027, and it includes a contingent effective date linked to a proposed amendment to the State Constitution.