FL S0280

Limits the assessed value of homestead property upon change of ownership when the new owner qualifies for homestead exemption and the property's prior assessed value was less than $500,000

Caps the new assessed value at 150% of the property's assessed value from the preceding year, rather than resetting to full just value

After the initial capped assessment, annual changes remain subject to existing constitutional limitations on homestead assessment increases

Maintains current exemptions from reassessment for transfers between spouses, transfers upon death to surviving family members, and certain title corrections

Takes effect only if voters approve the related constitutional amendment proposed by SJR 278 at the next general election or authorized special election