FL S0276

Property owners who have owned and used their homestead as a permanent residence for 20 years or more will have their assessed value frozen at the amount established as of January 1 of the 20th year, with no increases permitted thereafter as long as the homestead exemption continues

Homeowners who have held legal title and made property their permanent residence for 30 years or more qualify for an additional exemption equal to 50% of the assessed value, applying to all ad valorem taxes except school district levies

Periods of ownership and residency on multiple homestead properties may be combined to meet the 20-year and 30-year thresholds, with property appraisers required to maintain records verifying eligibility including previous homestead exemption periods

The Department of Revenue may adopt emergency rules effective for 6 months to implement the act, with renewal allowed during permanent rulemaking procedures

The bill takes effect contingent upon voter approval of a related constitutional amendment (SJR 274) at the next general election or earlier special election, with provisions first applying to the 2027 tax roll