The bill amends section 193.155 of the Florida Statutes, which pertains to the assessment of homestead properties. It aims to align the provisions with the State Constitution by modifying the criteria for assessing properties when a new homestead is established. Specifically, the bill removes the term "immediate" from references to the prior homestead, which affects how the assessed value of a new homestead is calculated in relation to the prior homestead's value.

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