FL S0658

Authorizes the Legislature to prohibit assessed value increases for homestead and nonhomestead property when just value decreases, effective January 1, 2012 or 2013 depending on election date.

Reduces the annual assessment increase limitation for nonhomestead residential property (9 units or fewer) and other nonhomestead real property from 10 percent to 5 percent.

Creates an additional homestead exemption equal to 50 percent of just value (capped at $200,000) for first-time homestead purchasers who did not own homestead property during the 3 calendar years before purchase, available for 5 years or until sale.

Removes the scheduled 2019 repeal of 2008 constitutional amendments that limit annual assessment increases for specified nonhomestead real property.

Requires voter approval at either the 2012 presidential preference primary election or the 2012 general election, with retroactive or prospective effective dates depending on which election approves the amendment.