This bill amends section 193.155 of the Florida Statutes, which pertains to 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 provide financial relief to new homeowners who qualify for a homestead exemption, ensuring that their property taxes do not increase excessively upon transfer of ownership.

Additionally, the bill clarifies the definition of a "change of ownership" to include various scenarios such as sales, foreclosures, or transfers of legal title. However, it also outlines specific exceptions where a change of ownership does not occur, such as transfers between spouses or to a surviving spouse or minor children. The act is set to take effect contingent upon the approval of a related constitutional amendment proposed by SJR 278 or a similar resolution at the next general election or an earlier special election.

Statutes affected:
S 280 Filed: 193.155