FL S0176

Homestead properties that are elevated to comply with National Flood Insurance Program or Florida Building Code flood requirements will retain their pre-elevation assessed value (subject to existing Save Our Homes assessment caps) rather than being reassessed at full just value upon completion

Elevated homestead properties qualify for the favorable assessment if the post-elevation square footage does not exceed 110% of the pre-elevation square footage or does not exceed 2,000 total square feet; any square footage beyond those thresholds is assessed at just value

Area underneath an elevated structure used solely for parking, storage, or access is excluded from the 110% square footage calculation

Increases the existing square footage threshold for rebuilding homestead property damaged or destroyed by misfortune or calamity from 1,500 to 2,000 square feet while retaining the pre-damage assessed value

The act takes effect contingent on voter approval of an accompanying constitutional amendment (SJR 174) at the next general election, and applies to homestead property elevations commenced on or after January 1, 2027