FL H1163

Reduces the annual reassessment cap for nonhomestead residential property from 10 percent to 5 percent of prior year assessed value, effective 2012 or 2013 depending on when a specified constitutional amendment is approved.

Reduces the annual reassessment cap for certain residential and nonresidential property from 10 percent to 5 percent of prior year assessed value, with implementation contingent on constitutional amendment approval.

Creates an additional homestead exemption for first-time Florida homesteaders equal to 50 percent of property just value (capped at county median homestead value), applicable for 5 years or until property sale, with annual 20 percent reductions in the exemption amount.

Requires the Legislature to consider appropriating funds to fiscally constrained counties starting in 2012-2013 to offset ad valorem tax revenue reductions resulting from the constitutional amendment, with counties applying by February 1 each year for participation.

Authorizes the Department of Revenue to adopt emergency rules for implementation and allows different effective dates (2012 or 2013 tax roll) based on whether the constitutional amendment passes in the presidential preference primary election or general election.