SJR 654 – Assessments of Homestead Property

• Proposes an amendment to the Florida State Constitution (Article VII, Section 4) to change how newly established homestead property is initially assessed for ad valorem (property) tax purposes
• Replaces the current requirement that new homestead property be assessed at full "just value" (fair market value) with assessment under the same provisions used for non-homestead residential real property and other real property (paragraphs (g)(4) and (h)(4)), potentially allowing a lower initial assessed value
• Retains existing protections that cap annual assessment increases at the lesser of 3% or the change in the Consumer Price Index, and maintains the $500,000 portability benefit for homeowners transferring from a prior homestead
• Requires approval by Florida voters at the next general election or an earlier special election before taking effect
• Sets an effective date of January 1, 2025, if approved by the electorate