This bill amends section 193.155 of the Florida Statutes, which governs the assessment of homestead property. The key change introduced is that when ownership of homestead property is transferred to a person entitled to a homestead exemption, and the property had an assessed value of less than $500,000 in the previous year, the assessed value of the property cannot exceed 150 percent of its assessed value from the prior year. This provision aims to limit the increase in assessed value upon a change of ownership, thereby providing financial relief to new homeowners who qualify for the homestead exemption.

Additionally, the bill clarifies the definition of a change of ownership, which includes various scenarios such as sales, foreclosures, or transfers of legal title. However, it also outlines exceptions where a change of ownership does not occur, such as transfers between spouses or transfers due to the death of an owner. The bill includes a contingent effective date, which is tied to the approval of a related constitutional amendment proposed by SJR 278 or a similar resolution.

Statutes affected:
S 280 Filed: 193.155