The bill amends Florida Statutes to enhance homestead property tax benefits for long-term owners and permanent residents. It introduces provisions allowing properties to be assessed at less than just value if the owner has used the property as their permanent residence for 20 years or more, with the assessed value fixed as of January 1 of the 20th year and capped to prevent further increases. Additionally, the bill permits the aggregation of ownership and residency periods across multiple homestead properties to meet the 20-year requirement. It also mandates property appraisers to maintain specific records and authorizes the Department of Revenue to adopt emergency rules regarding these changes.

Moreover, the legislation creates a new homestead exemption for long-term owners and residents who have held legal title to a property for 30 years or more, granting them a 50% exemption on assessed value for ad valorem taxes, excluding school district levies. The bill outlines procedures for correcting erroneous assessments and establishes that the Department of Revenue may adopt emergency rules to administer these changes. The amendments will first apply to the 2027 tax roll and take effect contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 276 Filed: 193.155, 196.011