Limits assessed value increase for homestead property with prior value below $500,000.

The bill amends the assessment of homestead property in Florida. If a person entitled to a homestead exemption acquires property with a prior assessed value below $500,000, the assessed value may not exceed 150 percent of its assessed value in the preceding year. This limitation applies to changes in ownership due to death, dissolution of marriage, or transfers by operation of law. The bill provides a contingent effective date tied to a constitutional amendment.

Limits assessed value increase for homestead property with prior value below $500,000.

The bill amends the assessment of homestead property in Florida. If a person entitled to a homestead exemption acquires property with a prior assessed value below $500,000, the assessed value may not exceed 150 percent of its assessed value in the preceding year. This limitation applies to changes in ownership due to death, dissolution of marriage, or transfers by operation of law. The bill provides a contingent effective date tied to a constitutional amendment.