This bill amends section 193.155 of the Florida Statutes to establish new assessment guidelines for homestead properties that undergo changes, additions, or improvements, particularly those aimed at elevating the property to mitigate flood risks. The bill introduces a definition for "elevation" and specifies that such improvements must be assessed upon substantial completion, using the property's assessed value from the January 1 preceding the elevation. The assessment will be subject to certain limitations, including a maximum increase in square footage of 110 percent or a total of 2,000 square feet. Additionally, property appraisers are authorized to require evidence, such as elevation certificates, to substantiate eligibility for these assessments.

The bill also modifies existing language regarding the assessment of homestead properties damaged by misfortune or calamity, allowing for a reassessment based on the property's value before the damage occurred. It clarifies that properties elevated after such damage must comply with federal and state building codes. Furthermore, the bill stipulates that these new assessment rules will apply to properties where elevation commenced on or after January 1, 2027, and it includes a contingent effective date linked to a proposed constitutional amendment.