FL S0488

Revises homestead tax exemption for persons age 65 or older to allow counties or municipalities to exempt up to the full assessed value of property with just value less than $250,000 if owner has maintained permanent residence for at least 25 years and household income does not exceed $20,000.

Establishes that just value for the exemption shall be determined in the first tax year that the owner applies and is eligible, rather than based on current property value.

Allows persons who received the exemption before the effective date to reapply in subsequent years using the just value from the first tax year they were eligible, regardless of current property value changes.

Permits prior recipients of the exemption to apply for refunds of overpaid taxes in years the exemption was denied solely because property just value exceeded $250,000.

Takes effect upon approval of CS/SJR 492 or similar constitutional amendment by voters in November 2016 general election and applies retroactively to the 2013 tax roll.