This bill amends section 193.155 of the Florida Statutes, which pertains to the assessment of changes, additions, or improvements to homestead properties. The key change is the introduction of a new provision that states if the total just value of changes, additions, or improvements to a homestead property is less than $100,000, the assessment of the added value must be calculated using a specific formula. This formula involves multiplying the percentage of the property's assessed value before the changes by the just value of the change, addition, or improvement. Additionally, the bill clarifies that this new assessment method does not apply to changes that replace a substantial portion of the property or increase its total square footage by more than 25 percent.

The bill also removes previous language that detailed how changes, additions, or improvements to homestead properties damaged by misfortune or calamity should be assessed. The deleted provisions included specific conditions under which such properties would be assessed based on their assessed value before the damage occurred, as well as stipulations regarding square footage limits. The effective date for this act is set for July 1, 2026.