FL S1074

Proposes constitutional amendment to limit growth in assessed value of homestead property to the lowest of: 3 percent annually, inflation rate (Consumer Price Index), or the percent change in just value if the legislature provides by general law.

Allows legislature to prohibit assessment increases for homestead property if just value decreases from the preceding year.

Applies similar growth limitations to specified nonhomestead residential property (nine units or fewer) and other nonhomestead property, capped at the lower of 10 percent annually or percent change in just value.

Allows legislature to prohibit assessment increases for nonhomestead property if just value decreases from the preceding assessment date.

Amendment takes effect January 1, 2017, if approved by voters at the next general election.