FL S2650

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

Changes homestead assessment rules to allow assessment increases only by the lower of 3 percent annually or the Consumer Price Index change, but eliminates increases when just value declines.

Applies to homestead properties entitled to exemption under Section 6 of Article VII, with assessments changing annually on January 1.

Establishes effective date of January 1, 2011 for the amendment to Section 4 of Article VII and creation of new section in Article XII.

Requires submission of the constitutional amendment to Florida voters for approval at the next general election or earlier special election.