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 that have been damaged or destroyed by misfortune or calamity. It clarifies that changes or improvements made to replace such properties must be assessed based on the property's value before the damage occurred, with similar square footage limitations. The legislation emphasizes compliance with federal and state building codes and flood insurance program requirements for properties seeking these assessment benefits. The act is contingent upon the approval of a related constitutional amendment at the next general election.