FL S0562

Creates a homestead assessment limitation for school district tax purposes for property owners age 65 or older who have held title and maintained permanent residence on the property for at least 25 years

Freezes the assessed value at the January 1 level immediately following the date the property owner becomes eligible, preventing increases for school district levy calculations

Allows the surviving spouse with joint title and right of survivorship to receive the full assessment limitation if they otherwise qualify and reside on the property

Imposes a 50% penalty plus 15% annual interest on improperly claimed assessment limitations discovered within the previous 10 years, with a 30-day notice period before filing a tax lien (no penalty/interest if error was due to property appraiser mistake)

Takes effect contingent upon voter approval of a related constitutional amendment (SJR 344) at the November 2020 general election, first applying to the 2021 property tax roll