Florida H0215 revises ad valorem taxation rules for homestead property, limiting assessment reductions and requiring special votes for millage rate.

Florida H0215 amends ad valorem taxation laws by limiting the assessment reduction for new homesteads to the higher of the difference between just value and the assessed value of prior eligible homesteads, but not exceeding $500,000. It also requires a two-thirds vote of the governing body to increase the prior year’s adopted millage rate. The bill authorizes the Department of Revenue to adopt emergency rules to implement these changes, which take effect upon the act becoming law and expire July 1, 2028.

Florida H0215 revises ad valorem taxation rules for homestead property, limiting assessment reductions and requiring special votes for millage rate.

Florida H0215 amends ad valorem taxation laws by limiting the assessment reduction for new homesteads to the higher of the difference between just value and the assessed value of prior eligible homesteads, but not exceeding $500,000. It also requires a two-thirds vote of the governing body to increase the prior year’s adopted millage rate. The bill authorizes the Department of Revenue to adopt emergency rules to implement these changes, which take effect upon the act becoming law and expire July 1, 2028.