Florida S0286 revises the assessment method for changes, additions, or improvements to homestead properties.

Florida S0286 amends the assessment of changes, additions, or improvements to homestead properties. It specifies that such changes must be assessed at just value as of the first January 1 after they are substantially completed. If the value of these changes is under $100,000, the assessment is calculated based on the property's assessed value and just value as of January 1 before the change. The bill excludes changes that replace a substantial portion of the property or increase its square footage by more than 25 percent. The act takes effect July 1, 2026.

Florida S0286 revises the assessment method for changes, additions, or improvements to homestead properties.

Florida S0286 amends the assessment of changes, additions, or improvements to homestead properties. It specifies that such changes must be assessed at just value as of the first January 1 after they are substantially completed. If the value of these changes is under $100,000, the assessment is calculated based on the property's assessed value and just value as of January 1 before the change. The bill excludes changes that replace a substantial portion of the property or increase its square footage by more than 25 percent. The act takes effect July 1, 2026.