FL S0378

Establishes a new assessment limitation when nonhomestead residential property is converted to homestead property, capping the initial assessed value at the prior year's assessed value under s. 193.1554, with reassessment the following year limited to no more than 10% of the prior year's just value

Caps the assessed value of property transitioning from homestead to nonhomestead residential status at the prior year's assessed value plus no more than 10%, excluding properties that received a portability assessment reduction under s. 193.155(8)

Revises the procedure for correcting erroneous property tax assessments across homestead, nonhomestead residential, and nonresidential properties, requiring recalculations to begin in the year the mistake is discovered rather than retroactively to the year of the error, and allowing corrections for unlawfully constructed improvements without building permits going back up to 10 years

Expands homestead tax exemption eligibility to allow qualifying low-income households (as defined in s. 196.075) to retain the exemption even when the property or a portion of it is rented, provided the owner or a dependent maintains a permanent residence on the property

Authorizes value adjustment boards to hear appeals on the validity or amount of back-tax assessments under s. 193.092 and permits petitioners to request hearings to contest whether a tangible personal property return was timely filed, with an effective date of July 1, 2024