This bill establishes a new section, 193.1553, in the Florida Statutes that pertains to the assessment of property owned and used by small businesses. It defines "small business" in accordance with existing law and stipulates that real property used for commercial purposes by qualifying small businesses will be assessed at just value starting January 1 of the year following its qualification. The bill also limits the annual change in assessed value to either three percent of the previous year's assessment or the percentage change in the Consumer Price Index, whichever is lower. If the calculated assessed value exceeds the just value, it must be adjusted down to the just value.

Additionally, the bill outlines that any change in ownership or control that disqualifies the property from being classified as owned and used by a small business will result in the property being assessed at just value as of January 1 of the following year. The Department of Revenue is tasked with creating rules for the application and certification process for the assessment limitation, as well as auditing procedures for compliance. The bill also includes penalties for individuals who knowingly provide false information to obtain or maintain the assessment limitation. The act is contingent upon the approval of a related constitutional amendment at the next general election or an earlier special election.