FL S0390

Prohibits increases in assessed value of homestead property if the just value of the property decreases from the prior January 1.

Limits annual assessment increases for homestead property to the lower of 3 percent of the prior year's assessment or the Consumer Price Index change.

Maintains existing homestead exemption protections while adding a new restriction preventing assessments from exceeding just value.

Creates new Section 31 in Article XII of the State Constitution to establish an effective date of January 1, 2013 for the amendment.

Applies to homestead property entitled to exemptions under Section 6 of Article VII, with changes taking effect annually on January 1.