CS for SB 148 Summary

• Extends the timeframe for transferring homestead assessment benefits from 2 immediately preceding years to 3 immediately preceding years when establishing a new homestead.

• Removes obsolete provisions related to the 2008 tax year that previously required all petitioners to be granted assessment reductions.

• Expands the timeframe for owners of homestead property significantly damaged or destroyed by a named tropical storm or hurricane to establish a new homestead from the second year to the third year following the storm or hurricane to make an election.

• Applies to the 2021 tax roll and takes effect upon approval of the State Constitution amendment proposed by SJR 146 at the November 2020 general election or an earlier special election.