Limits the assessed value of new homestead property to 150% of the prior homestead's assessed value.

This bill proposes a constitutional amendment to limit the assessed value of new homestead property established after a change of ownership, provided the prior homestead had an assessed value of less than $500,000. The new homestead's assessed value cannot exceed 150% of the prior homestead's assessed value. This limitation applies to ad valorem taxation purposes and takes effect January 1, 2027. The amendment also allows for annual assessment changes, not exceeding 3% of the prior year's assessment or the percent change in the Consumer Price Index.

Limits the assessed value of new homestead property to 150% of the prior homestead's assessed value.

This bill proposes a constitutional amendment to limit the assessed value of new homestead property established after a change of ownership, provided the prior homestead had an assessed value of less than $500,000. The new homestead's assessed value cannot exceed 150% of the prior homestead's assessed value. This limitation applies to ad valorem taxation purposes and takes effect January 1, 2027. The amendment also allows for annual assessment changes, not exceeding 3% of the prior year's assessment or the percent change in the Consumer Price Index.