This bill amends section 193.155 of the Florida Statutes, which pertains to the assessment of homestead properties. The amendments aim to align the provisions with the State Constitution and clarify the assessment process for properties when a new homestead is established. Specifically, the bill modifies paragraphs (a) and (b) of subsection (8) by removing the term "immediate" from references to prior homesteads, thereby simplifying the language regarding the assessment of new homesteads based on the value of previously owned properties.

Under the revised provisions, if the just value of a new homestead is greater than or equal to that of the prior homestead, the assessed value will be calculated by subtracting an amount (up to $500,000) from the just value. Conversely, if the new homestead's just value is less than that of the prior homestead, the assessed value will be determined through a formula involving the just values and assessed values of both properties, with a cap on the difference allowed. The bill is set to take effect on July 1, 2026.