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FL S1092
Bill
Status
Failed
6/16/2025
Primary Sponsor
Jonathan Martin
Click for details
AI Summary
- Homestead property assessments would be based on the most recent purchase price (or construction cost for new builds) rather than "just value" (fair market value) as of January 1 of the year the homestead exemption is received
- Annual reassessments would set the assessed value at the prior year's assessed value, eliminating the current cap system that limits increases to the lesser of 3% or the Consumer Price Index change
- Changes, additions, or improvements to homestead property would be assessed at the documented cost of such work rather than at just value upon substantial completion
- The existing "portability" provision allowing homeowners to transfer up to $500,000 in accumulated assessment savings from a previous homestead to a new homestead would be repealed entirely
- The Department of Revenue would be required to create a grant program to assist local governments with revenue shortfalls resulting from these changes, and the act's effective date is contingent on voter approval of a corresponding constitutional amendment (SJR ____)
Legislative Description
Assessment of Homestead Property
Last Action
Died in Community Affairs
6/16/2025
Full Bill Text
No bill text available