FL S0460

Allows property transferred upon an owner's death to a child or grandchild to retain the existing homestead assessment (avoiding reassessment at current just value) if the heir qualifies for homestead exemption on the property

Limits this inheritance provision to properties with a just value of less than $1 million as of January 1 immediately preceding the transfer

Grants children or grandchildren who inherit property until March 1 of the year following the transfer to establish the property as their permanent residence in good faith to qualify for the homestead exemption

Amends Section 193.155, Florida Statutes, which governs homestead assessment limitations and defines what constitutes a "change of ownership" for property tax purposes

Effective date of July 1, 2022