Florida H6027 modifies homestead assessment rules to align with the State Constitution.

Florida H6027 amends the homestead assessment limitation transfer by adjusting the assessment value of a new homestead based on the value of the previous homestead. If the new homestead's just value is greater than or equal to the previous homestead's just value, the new homestead's assessed value is calculated using a specific formula. If the new homestead's just value is less than the previous homestead's just value, the assessed value is increased to ensure the difference between the just value and the assessed value is at least $500,000.

Florida H6027 modifies homestead assessment rules to align with the State Constitution.

Florida H6027 amends the homestead assessment limitation transfer by adjusting the assessment value of a new homestead based on the value of the previous homestead. If the new homestead's just value is greater than or equal to the previous homestead's just value, the new homestead's assessed value is calculated using a specific formula. If the new homestead's just value is less than the previous homestead's just value, the assessed value is increased to ensure the difference between the just value and the assessed value is at least $500,000.