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FL S0978
Bill
AI Summary
- Expands eligibility for a homestead property tax assessment reduction for living quarters provided to parents or grandparents (age 62+) of the owner or owner's spouse, removing the previous requirement that the reduction apply only to new construction or reconstruction
- Applies the reduction to any separate, distinct living area, including a second residential dwelling, rather than limiting it to construction or reconstruction that occurred after the original law's effective date
- Caps the excluded value at the lesser of the increase in assessed value from construction/reconstruction (if applicable) or 20% of the total assessed value of the property
- Requires property owners to file an annual application with the county property appraiser before March 1 and to notify the appraiser when they no longer qualify, at which point the excluded value is added back to the assessed value
- Takes effect contingent upon voter approval of the constitutional amendment proposed by SJR 976 (or a similar joint resolution) at the next general election or an earlier authorized special election
Legislative Description
Reduction of Assessed Value
Last Action
Died in Finance and Tax
3/8/2024
Committee Referrals
Finance and Tax1/23/2024
Full Bill Text
No bill text available