This bill amends sections of Florida Statutes related to the assessment of property values, specifically addressing situations where the just value of a property has decreased. It introduces provisions that prohibit increases in assessed valuations for homestead, nonhomestead residential, and nonresidential real properties if their just value is less than the value from the previous assessment. The bill specifies that the assessed value of homestead property may not increase if the just value has decreased since the last January 1 assessment. Similar provisions are included for nonhomestead residential and nonresidential properties, ensuring that their assessed values remain stable in the face of declining just values.

Additionally, the bill outlines the assessment process for changes, additions, or improvements to properties that have been damaged or destroyed by misfortune or calamity. It establishes criteria for when these properties can be reassessed and how their values should be calculated based on their condition before the damage occurred. The bill also includes a contingent effective date, which is tied to the approval of a related constitutional amendment. Overall, the legislation aims to provide more stability in property assessments during periods of declining property values.

Statutes affected:
S 1608 Filed: 193.155, 193.1554, 193.1555