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FL H1511
Joint Resolution
Status
Failed
3/8/2024
Primary Sponsor
Stan McClain
Click for details
AI Summary
- Proposes a constitutional amendment to Section 4 of Article VII allowing counties to reduce the assessed value of homestead property for portions used as living quarters for the property owner's parent or grandparent who is 62 years of age or older
- Removes the current restriction that limits the assessed value reduction only to increases resulting from new construction or reconstruction of living quarters, expanding it to cover existing portions of the property used for that purpose
- Eliminates the existing cap that limited the reduction to the lesser of the increase in assessed value from construction or 20% of the total assessed value of the improved property
- Requires voter approval at the next general election or an earlier special election as a constitutional amendment, with an effective date of January 1, 2025, if approved
- Applies to living quarters provided for one or more natural or adoptive grandparents or parents of the homestead owner or the owner's spouse, provided at least one qualifying relative is age 62 or older
Legislative Description
Tax Exemption for Portions of Homestead Property Used as Living Quarters for Parents and Grandparents
Last Action
Died in Ways & Means Committee
3/8/2024
Committee Referrals
Ways and Means Committee1/13/2024
Full Bill Text
No bill text available