FL S0718

Prohibits increases in the assessed value of homestead property if the fair market value of the property decreases.

Modifies Article VII, Section 4 of the State Constitution to add a new subsection stating that an assessment may not increase when just value declines from the preceding January 1.

Maintains existing homestead assessment caps of the lesser of 3 percent annually or the Consumer Price Index change, but allows assessments to remain flat or decrease when property values decline.

Adds a new section to Article XII establishing an effective date of January 1, 2011 for these homestead property assessment changes.

Requires voter approval through the next general election or an earlier special election authorized by law.