FL S1722

Reduces annual property value assessment increases for nonhomestead residential property and certain residential/nonresidential property from 10 percent to 3 percent, effective either 2012 or 2013 depending on voter approval of constitutional amendments in HJR 381 or SJR 658.

Creates additional homestead exemption for first-time Florida homesteaders equal to 50 percent of property's just value (capped at $200,000) for 5 years or until sale, with annual reductions of 20 percent, applicable to properties purchased on or after January 1, 2011 or 2012 depending on election date.

Defines first-time Florida homesteaders as those establishing homestead exemption within 1 year of purchase and not having owned homesteaded property in the prior 3 years.

Requires fiscally constrained counties to receive legislative appropriations beginning in fiscal year 2012-2013 to offset ad valorem tax revenue reductions resulting from implementation of the constitutional revision in SJR 658 or HJR 381.

Authorizes the Department of Revenue to adopt emergency rules to prepare forms, methods, and data systems for implementation, with rules remaining in effect for 18 months after adoption.