FL S1142

Authorizes the legislature to prohibit increases in assessed property values for homestead and specified nonhomestead real property when the just value of the property declines.

Applies to homestead property subject to existing assessment caps (3% or CPI, whichever is lower) and residential property with nine or fewer units limited to 10% annual increases.

Exempts properties undergoing changes, additions, reductions, or improvements from the decline-in-value assessment prohibition.

Requires the amendment and implementing legislation to take effect on January 1, 2017.

Proposes constitutional amendments to Section 4 of Article VII and creation of Section 34 of Article XII, subject to voter approval at the next general election.