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FL S1374
Joint Resolution
AI Summary
- Proposes an amendment to the Florida State Constitution (Article VII, Section 4) to allow newly established homestead property to be assessed at less than just value if the property was previously assessed as nonhomestead property and ownership has not changed
- Caps the annual increase in assessed value for qualifying newly established homestead property at 10% of the prior year's assessment, rather than resetting to full just value upon homestead establishment
- Requires three conditions to qualify: the property must have been assessed under nonhomestead assessment provisions (subsection g or h) the prior January 1, the owner must be the same person, and there must have been no change of ownership between the prior assessment and homestead establishment
- Would be submitted to Florida voters for approval at the next general election or an earlier special election specifically authorized by law
- Proposed effective date of January 1, 2025, sponsored by Senator Wright
Legislative Description
Homestead Property Assessment
Last Action
Died in Community Affairs
3/8/2024
Full Bill Text
No bill text available